Posted on 04/28/2022 9:38:17 AM PDT by Red Badger
When you hear ‘8 percent inflation’ bandied about but feel certain your costs are rising at a far higher rate, you’re not crazy.
The Labor Department’s March inflation numbers released this month skyrocketed past February’s, hitting a 12-month increase of 8.5 percent and the steepest annual increase since 1981. That’s no small figure, but most Americans know the inflation they encounter at the grocery store checkout, the gas pump, the car lot, and the leasing office is far higher than that.
Just look at basic items like groceries and gas, and you’ll see how much higher those necessities are climbing than the generic inflation figures slapped across headlines.
According to the Bureau of Labor Statistics (BLS), in the average U.S. city, ground beef is up 14.9 percent since last March, boneless stew beef is up 24.3 percent, bacon is up 23.1 percent, boneless chicken breasts are up 17.6 percent, eggs are up 25.9 percent, milk is up 17 percent, frozen orange juice concentrate is up 18 percent, and ground coffee is up 15.8 percent. Meanwhile, fuel oil has jumped a whopping 71.5 percent, and utility gas is up 23.3 percent.
Many of these urban numbers don’t even capture how steeply prices have risen for middle America, however. In the Midwest, ground beef has risen 24.5 percent, almost 10 percentage points more than the urban average.
While BLS breaks down beef products into ground beef, steaks, stew beef, etc., its “all other uncooked beef” category shows a drastic 38.2 percent jump in the Midwest, compared to a still-high rise of 25.4 percent in cities. The inflation of the price of bacon in the Midwest is 3 percentage points higher than in cities, while for boneless ham it’s more than 15 percentage points higher. The price of boneless chicken breasts in the Midwest jumped by 31.2 percent, compared to 17.6 in U.S. cities.
In all likelihood, these prices aren’t done climbing. Investment firm Evercore ISI projected the price of chicken breasts to jump at a year-over-year rate of up to 70 percent in the first half of 2022, with beef and pork prices rising 20 percent.
So when you hear “8 percent inflation” bandied about but feel certain your costs are rising at a far higher rate, you’re not crazy — you’re just feeling the very real consequences of inflationary policies that Washington types are happy to brush off.
Don’t listen to CNN journo-splaining to you “Why inflation can actually be good for everyday Americans and bad for rich people.” As Axios reported from Labor Department statistics, “Shoppers with incomes of less than $40,000 aren’t buying as much fresh meat and seafood. … They’re turning to frozen meat or canned stuff instead — and buying more store brands. It’s these lower-income shoppers who are most at-risk as food prices rise.”
It’s also not just gas and groceries that are rising higher and faster than the nationally reported inflation numbers. According to a Redfin analysis, February saw a 15 percent year-over-year increase in asking rent, and a 31 percent jump in the national homebuyers’ median monthly mortgage rate. Americans in the market to buy used vehicles have also seen a far higher price spike than the overall inflation rate in the past year, at a whopping 41.2 percent as reported in March.
At the same time, wages can’t keep pace with rising expenses, meaning “Bidenflation” is skimming off the top of Americans’ paychecks — to the tune of around $4,200 in annual depreciation of the average salary’s worth.
These are unsustainable numbers for most Americans, especially those who aren’t making as much as the politicians pushing bloated, multi-trillion-dollar spending plans to flood the economy with cash that’s bleeding value. Legacy media outlets might try to downplay rising inflation as something that could be solved by eating lentils and letting the family pet die, but Americans know every time they buy groceries, fill the gas tank, or pay the utility bill how hard high-spending inflationary policies are making their lives.
Elle Reynolds is an assistant editor at The Federalist, and received her B.A. in government from Patrick Henry College with a minor in journalism. You can follow her work on Twitter at @_etreynolds.
“Putin inflation” strikes again.
Chuckle.
My plumber’s rates seem to have doubled in the space of 2 years.
And that was with a $5.00 off coupon.
80 Million retarded, mail in ballot “voters” can’t be wrong! LOL! Elections do have consequences. Heh.
Motel 6 will be rebranding itself Motel 600.
My “10-minute oil change” that cost me $45.00 as far back as I can remember was $60.00 yesterday.
Likewise - $70 in Phoenix last week.
We go grocery shopping about once a month.
Last month I was shocked at the prices increase.
This month I am floored from the price increases over LAST MONTH!............
Tell me about it...
People get the kind of government they deserve. Sadly, the rest of us get the kind of government THEY deserve.
If President Trump as still President the media would be touting 20% inflation. As usual they are trying to cover up for the failed Biden administration.
RIGHT...don’t believe your wallet but what a Dem-wit DemoRats says...
“Biden asks Congress for $33 billion in aid to Ukraine.” Just 33 Billion....how much for Hunter and the big $hit head guy.
MSM Let these bastards get away with removing gas and food from the inflation calculation. It’s at lest 15%.
Car repairs have jumped tremendously in the last year. I needed a power steering hose put on my car and got a quote Of $350.00 including the hose. (it is a real pain to install since it goes underneath from one side of the car to the other) I did not have the money to do it right then, so I waited. I went back to them a month ago and they wanted $575.00 to do the job. The hose was only $40.00 so I went ahead and did it myself. Took about a day and a half if you include all the time for jacking the car up and gathering all the tools.
Stolen elections have catastrophic consequences.
Inflation is near 20%, and this party is just getting started. Hold on tight kids, it’s going to get wild very quickly!!
Look at it this way
per an Expat on-line application a 500 ml beer is $1.23 in Hanoi and is $5.23 in Honolulu.
What is the difference?
Beer is beer, everywhere.
Hanoi is a third world shithole as is Honolulu.(I live in Hawaii).
So what is different? Governments are basically the same, both authoritarian.
Both run by career bureaucrats who are all members of the same political party.
So why the price difference?
It is because Americans are too law obedient.
We obey the law, most the rest of the world ignores oppressive laws and work around them.
We pay the stupidly obscene taxes and follow the regulations even though they were obviously written by economic idiots.
That is all.
My Kroger decaf coffee in the big tub has gone up from $3.99 to $5.77, that’s 40% not 15% and most certainly not 8%. Liars!
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