Thus, the persistence of protein inflation has changed the inflation dynamics in the latter half of the 2000s. Increase in demand for protein appears to be an inevitable consequence of rising affluence (Gokarn, 2010).6 This process was further accentuated by renewed global food price shock during 2010–11. Among the processed food items, the persistence of inflation for edible oils was high (Table 5).
Since we initiated the FedNow Service one year ago, we have been meeting our project milestones, and today I am pleased to announce the Federal Reserve Board has approved the core features and functionality based on extensive input from stakeholders.