Soaring Food Prices Pile Pressure on Households

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 26 May 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for May 26. The global food crisis is worsening, as a double-digit surge in food costs across Europe hits household incomes. WSJ reporters Paul Hannon and Jaewon Kang explain why prices are soaring and what governments are doing to tackle the issue. Plus, the White House and Republicans draw closer to an agreement to raise the debt limit. And Tesla and Ford team up in an EV-charging deal. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Shopify.
0:05.0	The All in One Commerce platform to start, run and grow your business,
0:09.0	whether you sell in flaky soul or fine art prints.
0:12.0	Shopify covers all your sales channels to simplify selling online and in person.
0:17.0	Plus, they provide industry leading tools and 24-7 supports we can not you grow.
0:22.0	This is Possibility powered by Shopify.
0:24.0	To sign up, visit shopify.co.uk slash podcast23 or lowercase.
0:31.0	A potential debt ceiling deal starts to take shape in Washington.
0:41.0	Plus Tesla agrees to open up its EV charging network and is last year's energy crisis being replaced by a food price shock.
0:50.0	The UK, they are now up 19.3% from a year earlier.
0:56.0	The US is around 60% and that's a much faster rise in prices than we're now seeing in the US, which is around 7%.
1:03.0	But 7% is still a lot for something that people need to get by day to day to survive, right?
1:09.0	We haven't seen this kind of thing for a long time.
1:12.0	It's Friday, May 26th.
1:14.0	I'm Luke Vargas with The Wall Street Journal and here is the AM edition of What's News,
1:19.0	the top headlines and business stories moving your world today.
1:26.0	The White House and Republican negotiators are zeroing in on a deal to raise the US debt limit.
1:33.0	People familiar with the discussions say the talks have focused on a two-year spending deal that would raise the debt ceiling for the same amount of time, thereby extending it past the 2024 election.
1:47.0	One of those people said the deal that is under discussion would cap federal spending but would include increases for the military and veterans.
1:56.0	Also, up for discussion is rescinding some of the $80 billion that Congress approved last year to expand and modernize the Internal Revenue Service.
2:06.0	Speaking to reporters yesterday, both President Biden and Republican House Speaker Kevin McCarthy expressed optimism that they could seal a deal.
2:14.0	The only way to move forward is with a bipartisan agreement and I believe will come to the Grants that allows us to move forward in the protects the hard working Americans of this country.
	...

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