Sunday, August 16, 2020

Are You Behind the Curve When It Comes to Soaring Food Prices?

Things you don't want, like apartments in banana republic war zones like New York City and San Francisco are seeing falling prices. Rents in Cuba on the Hudson are collapsing as they are in the foggy city.

But for things you are buying, prices are soaring.

Joseph Hogan, owner of Pie Life, told CBS Los Angeles that cheese prices are "Probably higher than I’ve ever seen it. Cheese is one of those things that always goes up and down, but it’s pretty spendy right now."

The current price of a block of cheddar cheese which trades on the Chicago Mercantile Exchange is $2.11. The price was $1.51 in April, a 40% increase.

There is also strong volatility given the ever-changing lockdown rules. At the start of July, the price was as high as $2.53.

Overall, according to the Bureau of Labor Statistics, prices for food have climbed between July 2019 and July 2020 by 4.1%.

Has your salary increased by 4.1% over the same period?

If not, the Federal Reserve money printing is benefitting others, not you, when it comes to food purchases.


1 comment:

  1. Not saying its right, but we've offset food inflation by virtue of not being able to eat out as much.