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Marketplace All-in-One

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Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 11 August 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

Hip-hop is a multi-billion dollar industry, but it wasn’t always that way. For the 50th anniversary of the genre, we’re looking at early entrepreneurs in the business — from a taxi company to a streetwear line. Plus, food prices are up more than inflation, and the IRS lost millions of tax records stored on microfilm.

Transcript

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0:00.0

Why is food inflation so stubbornly high?

0:05.8

From Marketplace, I'm some rebenisher in for David Brancaccio.

0:09.4

Inflation has been cooling across a broad range of categories, but lagging behind is the

0:14.4

price of food.

0:16.2

Specifically, food eaten at home, that is Bureau of Labor Statistics ease for groceries.

0:21.2

They are up 3.6% year-over-year that is higher than overall inflation, the Zalper, July's

0:26.5

consumer price index.

0:28.3

There are lots of causes for more expensive food, climate change, the war on Ukraine,

0:32.3

the protectionist trade policies have all contributed, but a key ingredient is the increasing cost

0:38.2

of the labor behind the food.

0:40.2

Marketplace's Stephanie Hughes has more.

0:42.2

Take the American Classic, P.D. and J. It has 3 main components, peanut butter and jelly,

0:47.0

of course, and bread.

0:48.6

None of those are raw commodities coming straight from farmers' fields.

0:52.9

Chris Barrett is a professor of agricultural and development economics at Cornell.

0:57.2

He says generally, only 15% of the retail price goes to the farmer for the actual peanuts

1:02.2

and grapes and wheat, most goes towards milling and packaging and transporting those things,

1:07.8

and wages for people who do many of those jobs have gone up.

1:11.4

And the good news hidden in that higher grocery bill is that the workers all along the way

1:16.4

are actually getting paid more than inflation.

1:20.9

Still those high bills heard, and consumers of all income levels have adopted strategies

1:25.7

that lower them.

...

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