Posted on 06/20/2021 6:59:27 AM PDT by bert
Free Republic Inflation June 2021 Posting
There are a few of the 20 selected grocery items that have increased in price. At the Food City Chain where I get the price data, there is no across the board increase in prices. In general there is no price increase to report in the June monthly report
As a Media Template, Inflation is a major story of the day. As a result of Biden policies, many think there will be inflation. Milton Friedman taught us that “Inflation is always and everywhere a monetary phenomenon, in the sense that it cannot occur without a more rapid increase in the quantity of money than in output.” The $2 Trillion Covid relief plus the 15$ minimum wage plus the forgiveness of college loans all pump money into the economy.
Those actions are the very definition of monetary phenomena. The Bureau of Economic Analysis keeps us informed on the inflation rate but fails in one respect. The inflation information provided leaves out food. So, in the era of Pelosi/Biden induced inflation, bert has developed a basket of 20 common food products and will track prices and compute the inflation rate on the basket total and each individual item at a one month interval.
The reason given for excluding food in the BEA inflation figure is because there are so many variables that effect prices that monetary inflation gets lost in the shuffle. That fact seems to be in evidence in this month’s numbers. The Big Mac that represents all food groups declined in price. So, there will be no attempt to correct for other variables.
One we know that is already happening is China. China is in terrible food shape. Crop failure, massive flooding, swine disease and poor management of stockpiles have forced China to import phenomenally large quantities of soy beans and corn. Brazil is sold out of soy beans. American farmers will pick up all he slack. So, there will be a large China induced food price inflation.
Being bert and being conservative, I choose to ignore China and blame all the food price increases on Pelosi/Biden The second monthly food inflation presentation is posted below. There is no general food inflation noted for the June Report although other inflation is the news of the day Will it happen?
As President Trump was fond of saying……..We’ll see
Nobody should buy fresh meat at walmart. I love walmart but their meat sucks. Sam thing with Sam’s club meat. It’s ok but not great . Costco has good meat.
Would not eat any canned peaches from China. Eat nothing from china if you want to live.
If there were no inflation of the money supply, the increase in prices based on the price of oil would lead to a decrease in prices not dependent on transportation and oil. The reduction in the oil supply will make dependent prices go up faster than other prices but there is massive money inflation so everything is going up, wages will also rise but much later and more slowly, and not as far as the dislocation causes much misallocation of assets and a real reduction in the economy.
Relocated from desert AZ to TN in 2008. Noticed that food prices (particularly produce) were quite a bit higher than in AZ. Attributed it to location and supply chain issues as well as food being taxed. Living in TN still beats living anywhere else. No income tax, cost of utilities, etc. You can control the amount of food you buy. It’s so beautiful here. And my neighbors are awesome! Have never seen so many hard-working people. Funny thing—a large number of people who relocate here from urban areas go back to where they came from within five years. (At least that was true several years ago.) Go figure.
Don’t forget to stock up on corned beef around st. Patricks day.
Last December a 10 lb brisket was $32. Two weeks ago it was $55. This week it is $63. And this is a packer’s cut with the least amount of processing done to it.
What part did u settle in?
East Tennessee(Knoxville Area), Middle TN(Nashville Area) or West TN(Memphis Area)
That’s right. I don’t believe I’ve ever had corned beef. What does it taste like?
Yup. Most of the jugs that say "100% fruit juice" is apple juice from China. 80% of the apple juice consumed in this country comes from China.(Just hope they don't put melamine in it, eh?)
Beef and pork prices have skyrocketed.
A regular ol’ beef chuck roast is now $6.47 lb at Walmart. Before covid, they were $3-something.
A pork loin could be found on sale just above $1 lb but now they’re $4.36.
It’s not just food but everything else. Utilites have all gone up. We had to reduce cable service to the basic but somehow the monthly bill is higher with fewer channels than it was with more channels. Electric went up after the TX freeze. We had alternative heat so came through fine until the HIGH bill arrived.
A few years ago when TX had a drought and ranchers were nearly giving away cattle, prices at the grocery store shot up instead of being cheaper. The middle man was making a fortune. Prices never came down. They’ve spiked again during covid.
Small tuna cans used to hold 7.5 oz. Then they reduced them to 6 oz and now they’re 5 oz. Actually, only 2.5 oz of meat and 2.5 oz of water. IOW, $4.61/lb meat. If you’re using an older recipe, you have to use 3 cans instead of 2.
The list comes from the online Food City Store near by. The list is current pricing on all the various items
The store allows online purchasing for pick up as a Covid legacy and thus has it’s current pricing on everything
In America
That's a non sequitur. There is no theoretical mechanism for that statement.
Those 32 oz quart jars of mayonnaise are now 30 oz.
That lb of bacon is now 12 oz, if you’re lucky. Sausage links are now around 12 oz, too.
3 lbs tubs of margarine are now 3 oz less.
Forget ever seeing a gallon container of ice cream. Or even a half gallon. And, yes, they whip in more air and are cheenchy on ingredients. Heck, we used to buy 5 quart buckets of ice cream.
Heaven. One of my favorite meals is corned beef and cabbage slow cooked. Olive oil drisle and fresh baked bread. They are also good smoked.
Bert that is already here. Not in the future but now.
The stores here haven’t accepted coupons in over a decade. Didn’t know there were any anymore.
Cable sucks. I cut the cord long time ago. Just have internet to the house now. Much happier and I still watch TV. Amazing what a long range HDTV antenna can pull out of the air for free.
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