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Old 12-13-2019, 10:34 AM
 
2,007 posts, read 493,023 times
Reputation: 3082

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Quote:
Originally Posted by FrankMiller View Post
That's literally the definition of cherry-picking.



It does indicate that you need to be cautious about using your limited personal experience to predict the future. It would be foolhardy to say, e.g., "I've always driven my bike without a helmet and haven't had an accident, so helmets are unnecessary". Nor would it be useful to see an acorn lying on the ground and say, "the best way to harvest acorns would be to put a thimble on this spot to catch all the acorns."

You literally just cherry-picked my original post. Try not to cherry-pick a quote when what you cite doesn't put the full message into context.

"There was no cherry picking of data points. I listed the grocery items that I purchase regularly that have increased the most over the past year. No items have decreased in price. Some items have decreased product size and the price has remained the same or even increased."
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Old 12-13-2019, 10:45 AM
 
2,007 posts, read 493,023 times
Reputation: 3082
Since there seem to be some wannabe bureaucrats on here claiming that inflation doesn't exist at the grocery store, let's take a look at some facts:

"These 20 common grocery store items are driving up the cost of your bill the most"

From the article, "Americans today pay an average of 19.1 percent more on grocery items than they did 10 years ago."


Link


"Fresh produce costs drive grocery inflation higher"

From the article, "In the last few months, we’ve had about one per cent, (to) two per cent, in March even four per cent price inflation, which is really, really high,” Grier says. We haven’t seen inflation that high since early 2016, he says, and when you compare to other items, such as energy or clothing, the cost inflation to groceries is nearly double"

Link


"Hurdles and headwinds: Here’s why local small grocery stores are closing"

From the article, "Food inflation has been especially bad for grocery stores this year."

Link


Hey, but keep denying it lol.
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Old 12-13-2019, 11:15 AM
 
3,674 posts, read 2,487,311 times
Reputation: 2890
Quote:
Originally Posted by heart84 View Post
You literally just cherry-picked my original post. Try not to cherry-pick a quote when what you cite doesn't put the full message into context.

"There was no cherry picking of data points. I listed the grocery items that I purchase regularly that have increased the most over the past year. No items have decreased in price. Some items have decreased product size and the price has remained the same or even increased."
I quoted the part I was responding to for clarity. Nothing else you said changes the context of the quote.

Quote:
Originally Posted by heart84 View Post
Since there seem to be some wannabe bureaucrats on here claiming that inflation doesn't exist at the grocery store, let's take a look at some facts:

"These 20 common grocery store items are driving up the cost of your bill the most"

From the article, "Americans today pay an average of 19.1 percent more on grocery items than they did 10 years ago."

Link
FYI, a 19% increase over 10 years is 1.8% inflation per year, which is below target (2%).

Quote:
Originally Posted by heart84 View Post
"Hurdles and headwinds: Here’s why local small grocery stores are closing"

From the article, "Food inflation has been especially bad for grocery stores this year."

Link
The article is a bit more subtle than that.
Quote:
Food inflation stayed low at a 0.3 and 0.9 percent growth during 2016 and 2017, respectively. But it picked up to 1.4 percent as trade relations impacted food prices in 2018 and this year’s average for the first seven months is closer to 1.9 percent, according to U.S. Bureau of Labor Statistics data.Food inflation has been especially bad for grocery stores this year, Ladd said, but as the grocery wars heat up, big players like Walmart and Kroger worked hard to keep prices the same, eating the costs of the food increases rather than passing them to customers — a luxury small business can’t afford.
Literally saying that market consolidation and economies of scale are what hurt small business, not inflation. Inflation, by the way, that is only 1.9% at its peak, according to your article.
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Old 12-13-2019, 11:22 AM
 
Location: Washington Park, Denver
7,552 posts, read 7,041,646 times
Reputation: 8323
Quote:
Originally Posted by heart84 View Post
Since there seem to be some wannabe bureaucrats on here claiming that inflation doesn't exist at the grocery store, let's take a look at some facts:

"These 20 common grocery store items are driving up the cost of your bill the most"

From the article, "Americans today pay an average of 19.1 percent more on grocery items than they did 10 years ago."


Link


"Fresh produce costs drive grocery inflation higher"

From the article, "In the last few months, we’ve had about one per cent, (to) two per cent, in March even four per cent price inflation, which is really, really high,” Grier says. We haven’t seen inflation that high since early 2016, he says, and when you compare to other items, such as energy or clothing, the cost inflation to groceries is nearly double"

Link


"Hurdles and headwinds: Here’s why local small grocery stores are closing"

From the article, "Food inflation has been especially bad for grocery stores this year."

Link


Hey, but keep denying it lol.
Nobody is denying that there is inflation. Overall inflation is quite low, but it does exist. Too low by most accounts. The data back me up on this. I think the big issue here is your understanding of what that means and how you are trying to prove your point. I’m glad you finally posted some real data.

Per your post above, 19% inflation on grocery items against 16% overall inflation means 3% real inflation on groceries over 10 years. While that is not 0, it’s not a crazy number either. Real versus nominal is an important concept that you learn in economics. The average household spends between $250-$500 per month depending on where you live.

People who don’t understand economics are afraid of inflation. Inflation means everything goes up, that includes your salary. When grocery prices outpace inflation, it does mean that you are paying slightly more for food in real terms, but it may be canceled out by other things that are not keeping up with overall inflation. The sky is not falling.

Last edited by SkyDog77; 12-13-2019 at 11:42 AM..
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