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If you are feeling poorer at the grocery store or the local restaurant, rest assured YOU ARE. If you have teen aged boys in the house going through their growth spurt, you are getting killed. Food inflation is going to get much worse, with record low yeilds coming in due to restricted fertilizer supply and other farming issues. Food is only going up from here.
Major issue beneath headline: food component of CPI #inflation rose by 11.4% y/y in August, up from +10.9% prior and fastest rate since April 1979.
Menwhile, inflation is actually getting worse, not better.
Headline inflation dropped from 8.5% to 8.3% after Biden threw the kitchen sink at gas prices releasing from the Strategic Oil Reserve and only barely reduced headline inflation. Never mind tha the Strategic Oil Reserve has a finite limit and oh by the way, has to eventually be refilled, which will increase demand and raise gas prices somewhere down the line. Without gas, and headline is way up in everything else.
The real deal is that core inflation went UP to 6.3% from 5.9%, meaning inflation is getting stickier. We are not closer to controlling inflation, we are getting closer to runaway inflation.
Well Biden and Congress are sure that their SPENDING bill will reduce inflation.
Add all the student loan forgiveness.
They WANT inflation. They just don't want to lose elections over it and see the GOP in power. Even their media allies can't save them with the level of suffering that is occuring over high rent prices, high energy, high food, high everything. People are in real pain and it is getting worse.
Sad thing is, the Fed is finally on the warpath and taking inflation seriously, but the federal government is completely undermining the Fed by spending more and more.
STOP SPENDING when inflation is rampant. Nope. They double down.
That 11.4% is BS unless people buy much different food than my husband and I do, which I doubt, except that we buy hardly anything that is processed -- except basics like bread, cereals, canned soups for cooking, condiments, crackers, etc. At least 75% of our grocery list is made up of fresh meats, dairy, fresh produce, and frozen vegetables.
For us, it is up at least 20%.
I agree. The sticker shock is unreal. I see others being shocked also. We usually look at each other in disbelief of the prices. Even cashiers agree at everyone complaining.
I have also noticed whenever I go grocery shopping that stores never seem crowded anymore. The aisles are sparse with products and shoppers.
But there is some gouging happening, I think Publix (In Florida) has lost its mind because they have raised some stuff by 50%, I had to start shopping at other stores for many items.
Old and retired, I have the twin blessings of eating less and "enough money". I wouldn't have wanted to go through this wen I was 22 and still a big eater.
I can't imagine being a young person starting out in an entry level job with these rents and food prices and gas prices. It is brutal.
I think many young people today are going to be sort of like the silent generation, determined to save and invest and prepare against these kinds of hard experiences. Life is a harsh teacher. Either that, or they will OD on something. Eek. I hope not.
See? You actually saved $4.39 and will be healthier for it. Isn't that fantastic?
Thankyou Frances Willard.
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I hope not.
