Georgia Disaster Designations and Next Gen Fuels Act
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**Under two USDA national disaster designations, announced on July 12 and 19, 10 Georgia counties are eligible for emergency loans from USDA’s Farm Service Agency.
www.gfb.org reports, emergency loans can be used to meet a variety of recovery needs including replacing essential items such as equipment or livestock, restructuring a farming operation or the refinancing of certain debts.
More information on disaster relief can be found at www.farmers.gov.
**The all-items Consumer Price Index increased 1.4% from May to June, 9.1% higher than June last year.
The USDA again raised its consumer food price inflation forecast from 8.5% to 9.5% for 2022, the largest increase since 1979 when prices rose 11%.
Next year’s forecast drops to just 2.5 to 3.5%, well in line with the 20-year historical average of 2.4%.
**Legislation called the Next Generation Fuels Act was introduced last week in both the Senate and House that aims to use higher octane fuels to improve engine efficiency and performance.
Some of the country’s largest agricultural organizations applauded the move.
National Farmers Union President Rob Larew said the legislation supports the use of higher-level ethanol blends, something the NFU has long championed.
Growth Energy CEO Emily Skor said, “This is a clear roadmap for delivering cleaner, more affordable options to American drivers.”