Posted on 02/03/2024 6:47:24 AM PST by Kaiser8408a
Hey Joe! Food inflation isn’t dead yet!
The Biden Administration which motto should be “Make Crime Great Again!” with awful crime in big cities, and millions pouring over the border, not to mention providing jobs for foreign workers and not native born Americans, is likely breathing a sigh of relief as food inflation falling to 2.7% year-over-year, still higher than pre-Covid levels under Trump. But at least food price inflation is slowing as The Fed’s money stimulus recedes.
But food inflation may not be dead.
Cocoa prices climbed to a 46-year high this week in New York as concerns about dry conditions across West Africa could reduce yields for the Ivory Coast, the world’s largest producer of cocoa beans, ahead of the mid-crop in April.
In the US, a rapidly shrinking cattle herd, now at the lowest levels in seven decades, has pushed the supermarket price of beef to a record of $5.21 per pound. Rising food prices are the central bank’s worst enemy.
To end the week, breakfast lovers will be disappointed to learn robusta bean prices in Vietnam, the world’s largest producer of the bean, are absolutely out of control.
Local robusta prices in Vietnam hit a record on Thursday, topping nearly 80,000 per kilogram.
“That’s threatening to push prices in London up further, even after the benchmark capped its own all-time high this week at $3,336 a ton,” Bloomberg said, adding the surge in prices was primarily due to farmers “hoarding” the bean.
To recap this week, cocoa bean, beef, and robusta bean prices have been marching higher.
More bad news for Biden. Even though overall food inflation has receded, voters have long memories.
Speaking of bad news, The Teutonic Titanic (aka, Deutsche Bank) just annouced that it is cutting 3.500 jobs over the next two years.
(Excerpt) Read more at confoundedinterest.net ...
Inflation = prices are up
Grocery Shrinkflation = packages are smaller with the higher prices.
Thanks Joe
The MSM is never going to tell the sheeple that inflation is still rampant, especially for food and food services. You would like to think people are seeing this with their pocketbooks, but with all of the freebies, who knows. We also now live in a society where one’s political party affiliation makes you blind to the whole picture.
I’ll pay any price for chocolate.
He’s under order from China to destroy America by any means possible.
Joe’s war on the kulaks continues...
The majority of this administration should be charged with treason.
“Modern” Monetary Theorists push their accounting tautologies to cover for economic mismanagement so politicians and Board Members can sleep at night (Bankers are starting their nightmares now though). I say we call these grifters’ bluff especially concerning massive deficits, because if huge deficits do not matter then rev...ues don’t matter as well. As they drive the currency down, then keep the preamble “When, in the course of...” and update the body along with the conclusion.
Biden’s just slow walking people to adjusting how socialism will work.
You will have nothing and like it.
The chocolate ration has been increased from 30 grams to 25 grams.
People remember the prices when he took office to now. They see and feel it in their wallets, bills, cost of living, housing, food, insurance, transportion, energy, and on and on. The governmen can come out and gaslight all they want, it wont work.
I had lunch with my grown son yesterday at a local Tex-Mex place. Nothing fancy, just good food. With a tip it was $50.
My son was complaining that about 50% of his paycheck used to cover his living expenses, but now 75% of his pay goes toward his expenses and he has had to cut back on a lot of items.
We had a little talk about why this is happening. In times past he would not listen. He is listening now.
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