The latest data from the Bureau of Labor Statistics shows 12-month food prices climbing at a 3.9% annualized rate for 2020.
Overall price inflation for the same period, as measured by the government's Consumer Price Index, rose 1.4%.
Bottom line: The goods people are buying during this lockdown period such as food are soaring.
The advance in food prices was pretty much across the board.
All sub-categories from cereals to fruit showed gains far in excess of the Federal Reserve's "target" inflation of 2.0%. But, hey, if you don't eat, price inflation is not as high.
Hug your gold coins.
-RW
These numbers are surprisingly low. Meat prices felt like they've gone up way more than 4-5%.
ReplyDeleteDo they still use substitute goods? So if ribeye is up, say, 15%, but chuck roast is up 5%, they'll use chuck roast and just ignore ribeye in the calculation?
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