Pasture conditions in the US are the worst they’ve been since 2012. That’s bad for inflation.

The governors of 10 states in the American West recently called on the Biden administration to declare a drought disaster. Data from the US Department of Agriculture (USDA) show that pasture and range conditions have been in decline for quite some time. Less quality pasture means less food for livestock and other animals, which could lead to higher prices for meat and dairy products—or even a shortage.