NY Fed’s Dudley: What? Food Inflation? At Least iPads Are Cheaper

http://blogs.forbes.com/afontevecchia/2011/03/11/ny-feds-dudley-what-food-inflation-at-least-ipads-are-cheaper/ ^

[Red in Blue PA]

The president of the New York Fed was put in an uncomfortable position on Friday morning as a crowd of Queens residents questioned him about food inflation. Bill Dudley, former head economist at Goldman Sachs, was asked when the last time he went to a super market was, and responded by telling the crowd that the price of some goods had actually fallen, using Apple’s recently released iPad 2 as an example, to the dismay and widespread disbelief of the crowd.

[Red in Blue PA]

The people "ruling" us have not a clue.

[Bryanw92]

He probably thinks they are made from real apples. The Marie Antoinettes in government and Wall Street need to meet the same end.

[4rcane]

ipad 2 price decreased? I thought it remained the same price as ipad 1

[NonValueAdded]

Do they really want the people to go Egypt on them?

[max americana]

This is what happens you live in your elitist ivory tower for so long and don’t talk to the peasants. Amazing stupidity..

[nascarnation]

Remember Baraq’s “arugula” gaffe on the campaign trail?

That was mostly only repeated on FR.

The MSM was too busy doing background on Joe the plumber Wurzelbacher.

[WKUHilltopper]

Dud-ley. He’s aptly named. What an arrogant POS.

[Red in Blue PA]

ipad 2 price decreased? I thought it remained the same price as ipad 1

They are the same price.....but it makes a good soundbyte for the proles.

[Red in Blue PA]

Grain prices (which will pass through to food, and then to the consumer) are up 50%.

Executives for Spam-Maker Hormel Foods (HRL, Fortune 500) told the industry gathering that they remain concerned about grain prices, which have shot up between 40% to 50% this year and remain volatile.

http://money.cnn.com/2011/02/22/news/companies/kraft_commodityprices_cagny/

[algernonpj]

"Going on a slight tanget to explain that “food prices may be rising, but at the same time, other prices are falling,” Dudley chose to explain that the Fed looks at core inflation to “get a better sense of where inflation may actually be heading,” before making the fateful remark."

'Core inflation' eliminates the cost of food and energy, two essentials.

Set standards of measurement are no longer used. The CPI is manipulated downward are by employing the substitution effect, hedonics, and weighting.

[denydenydeny]

This is exactly what Angelo Codevilla’s “The Ruling Class” was all about.

[Red in Blue PA]

'Core inflation' eliminates the cost of food and energy, two essentials.

IOW, our "leaders" never have to step foot into a grocery store or a gas station.

[mirkwood]

groceries
I am getting killed.
I just spent $79 for basics. No more hamburger or steak for me. Thanks O voters.

[AEMILIUS PAULUS]

I just got back from a quick trip to a local supermarket. The price of potato chips since last week has gone from $2.99 to $3.68. (Los Angeles County region). A small unimportant matter in and of itself but one heck of a one week increase!

[Persevero]

We can’t eat ipads.

[Balding_Eagle]

Grain prices (which will pass through to food, and then to the consumer) are up 50%.

Huh?

Corn prices are essentially the same as 2008, wheat significantly lower. Don't believe CNN.

[Red in Blue PA]

That’s a 23% increase w-o-w.

Annualized it is 1196% increase.

[dfwgator]

“Let them eat iPads.”

We get closer and closer to revolution.

[Balding_Eagle]

At the end of 2010, as compared to 1970, food prices were down 30%.

Even if the 23% was representative of all food prices, and it isn’t, we’ve got a ways to go to get back to 1970 levels.