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Food Price Hike Suggests Inflation Is Higher Than Our Government Reports
Prices for food in U.S. grocery stores jumped 6.6% last year – the biggest spike since 1980 – underscoring yet again that inflation is a much bigger problem than government officials, or most economists, say it will be.
Of all food categories, prices for cereal and baked goods hit U.S. consumers the hardest, zooming 11.7% in 2008 over 2007. Prices for meats, poultry, fish and eggs gained 5.1%. Fruits and vegetable rose 3.4%, while dairy products advanced 2.7%.
It was the second straight year U.S. consumers were forced to pay a lot more for their groceries. In 2007, food prices at…
21Jan2009 | Money Morning | 0 comments | Continued
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