Inflation receding, initial 2024 forecast available …
This special 2023 summer supplement to the Index of Prices Paid provides a mid-year update to my beginning of-the-year forecast. The green industry supply chain is nearing its pre-COVID performance and, according to transportation-related metrics, inflationary pressures on key green industry inputs from supply chain disruptions are starting to decline. Most inflationary pressures in the economy currently stem from strong demand for services and consumer packaged goods.
This mid-year release should prove useful as growers are in the midst of negotiating with suppliers for next year’s inputs and simultaneously attempting to set next year’s plant prices. Please note that all line items in the index have been updated, but the available data that I incorporate into my econometric models are still subject to revision between now and end of the year. While forecasts by their very nature are moving targets, I hope this initial guidance looking ahead to EOY 2023 and into 2024 can provide insight to guide your decision making.
