Wednesday, July 2, 2014

Does Paul Krugman Eat Only Hot Dogs with Ketchup on the 4th of July?

Despite Paul Krugman's continued concern about deflation, yeah deflation, price increases are starting to accelerate.

A new informal survey from the American Farm Bureau Federation showed the average cost for a July 4th picnic for 10 is $58.72, 5.4 percent higher than last year.

The survey is based on retail prices from 84 shoppers' findings in 26 states and Puerto Rico.

Meat and dairy prices rose the most. The cost of ground round shot up 13.4 percent, pork spare ribs 13.2 percent and American cheese 14.3 percent.

But maybe Krugman only eats hot dogs with ketchup, that would explain his deflation outlook.

AFBF summer cook-out survey

Item
Amount
Units
2013
2014
% change
Ground Round2pounds$7.86$8.9113.40%
Pork Spare Ribs4pounds$12.29$13.9113.20%
Hot Dogs1pound$2.29$2.23-2.60%
Deli Potato Salad3pounds$8.77$8.800.30%
Baked Beans28ounces$1.99$1.96-1.50%
Corn Chips15ounces$3.37$3.370.00%
Lemonade0.5gallons$2.07$2.00-3.40%
Chocolate Milk0.5gallons$2.62$2.827.60%
Watermelon4pounds$5.61$5.681.20%
Hot Dog Buns1package$1.64$1.63-0.60%
Hamburger Buns1package$1.67$1.680.60%
Ketchup20ounces$1.55$1.36-12.30%
Mustard16ounces$1.23$1.251.60%
American Cheese1pound$2.73$3.1214.30%
Total$55.69$58.725.40%
Per Person10$5.57$5.875.40%
Source: AFBF

1 comment:

  1. Krugman ate steak last year. This year he will eat hot dogs. But since he's paying the same amount both years, that obviously means no inflation happened.

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