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Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King.

FDA creates new position to oversee food safety

The U.S. Food and Drug Administration will create a senior position to oversee food safety and nutrition after recent foodborne-illness crises, including the nationwide baby formula shortage.

The FDA plans to create a new center focused on nutrition and an office responsible for coordination with state and local authorities.

Increase in food prices slowed slightly in December

Food prices remained high but their growth slowed in December.

The meteoric rise in food prices slowed slightly in December, per a new Axios analysis, but prices were still up more than 10% year-over-year as groceries and restaurants gobbled up a larger-than-usual amount of Americans’ spending.

U.S. spends most on health care among high-income countries

The U.S. spends the most on health care but has the worst health outcomes among high-income countries, according to a new study by The Commonwealth Fund.

The Commonwealth Fund says the U.S. also has the lowest life expectancy at birth and the highest rate of people with multiple chronic diseases.

Americans also see physicians less often than people in most other countries and its rates of practicing physicians and hospital beds per person are among the lowest on the list.

End of certain tax breaks may result in smaller refunds

Your tax refund might be smaller this year as several tax breaks have come to an end.

Many of the pandemic tax benefits from the past few years, like the expanded child tax credit, have expired and were not renewed.

UPS prepares for global delivery slowdown

UPS says package deliveries will slow this year and one of the reasons is higher fuel costs.

UPS executives say the company’s outlook reflects an expectation for the U.S. to face a mild recession in the first half of 2023 before a recovery in the second half.