Grocery inflation has been elevated and this is expected to be sustained in the near term as a consequence of the floods and as rising costs of suppliers continue to be passed through to prices in supermarkets.
Supervisory Efforts In November 2020, the Federal Reserve, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) sent a letter to the banking organizations we regulate noting that, after 2021, the use of LIBOR in new transactions would pose safety and soundness risks.6 Accordingly, we encouraged supervised institutions to stop new use of LIBOR as soon as is practicable and, in any event, by the end of this year.