Channel: Bloomberg Quicktake: Now

Category: News & Politics

Description: President Joe Biden wants to put a spotlight on the spike in food prices from Russia’s invasion of Ukraine when he travels to an Illinois farm to emphasize how U.S. agricultural exports can relieve the financial pressures being felt worldwide. The war in Ukraine has disrupted the supply of that country’s wheat to global markets, while also triggering higher costs for oil, natural gas and fertilizer. The U.N. Food and Agriculture Organization said its food price index in April jumped nearly 30% from a year ago, though the index did decline slightly on a monthly basis. Americans are also bearing some pain as food prices are up 9.4% from a year ago, the largest increase in 41 years. The trip to Illinois on Wednesday is an opportunity for Biden to tackle two distinct challenges that are shaping his presidency. First, his slumping approval rating has been dogged by high inflation and his visit will coincide with the release of the April consumer price index. Consumer prices rose 8.3% from a year ago, a slight decline from the 8.5% annual increase in March. The drop-off reflected in part a cooling in gasoline prices last month after the jump caused by the start of the war in Ukraine. Still, volatility remains with energy costs as gas prices have climbed in May to an average of $4.40 a gallon on Wednesday, according to AAA. Subscribe to our YouTube channel: bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: cor.us/surveys/27AF30 Connect with us on… YouTube: youtube.com/user/Bloomberg Breaking News on YouTube: youtube.com/c/BloombergQuickTakeNews Twitter: twitter.com/quicktake Facebook: facebook.com/quicktake Instagram: instagram.com/quicktake