USDA Secretary Tom Vilsack predicted the rise in U.S. food prices seen in June will start to moderate despite the concerns over inflationary pressures in the U.S. economy.
"There are certain selective items in the grocery store folks may see for a period of time increased costs," Vilsack said Friday in an interview on Bloomberg Television's Balance of Power with David Westin. "We think this will even out as we begin to recover, as we begin to get the supply and demand in better balance."
Meanwhile, Vilsack signaled USDA would soon announce proposed regulations to provide more protection to livestock producers in their dealings with the highly consolidated meatpacking industry. President Joe Biden's executive order on competition instructed the USDA to consider stronger regulations. "I think we will see significant action on that in the very near term," Vilsack said in the session.