Year over year CPI was up 8.3%
Little mentioned is the month over month numbers.
April food was up 1% over March food. If that trend continues, food will be 12% higher this time next year.
“April food was up 1% over March food. If that trend continues, food will be 12% higher this time next year.”
The real food pain hasn’t yet been felt. Higher energy prices have not yet been fully reflected in food prices. Wait until this year’s harvest. The huge run up in fertilizer prices this spring will also show up in summer and fall harvests.
Crime is rampant throughout the country. Higher insurance costs and the losses from thefts will push prices higher through the year as will higher wages. Anyone who lived in the 70’s knows the wage/price upward spiral is just beginning.
Reagan once said “A recession is when your neighbor loses his job. A depression is when you lose your job.”
To update this, “A recession is when your neighbor can’t put food on his table. A depression is when you can’t put food on your table.”