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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 | ContinuedThe Ghost of Tom Joad
A catastrophe for Iowa farmers will not be just a catastrophe for Midwestern Americans. In the Iowa floods, we’ll see more evidence of how the problems of weird weather (climate change) combine and ramify the problems associated with Peak Oil. In this particular case they lead to an inflection point sometime around the 2008 harvest season, which will also be our time of political harvest.
These are not your daddy’s or granddaddy’s floods. These are 500-year floods, events not seen before non-Indian people started living out on that stretch of the North American prairie. The vast majority of homeowners in Eastern Iowa…
30Jun2008 | Whiskey and Gunpowder | Comments Off | ContinuedTHE DECLINING QUALITY OF DOLLAR MENUS
Speaking of inflation, Michael Pento of Delta Global Advisors reported that McDonald’s, the fast-food giant, “stated it has no plans to tamper with its highly successful dollar menu, which accounts for 14% of the company’s sales.”
Naturally, Junior Mogambo Rangers (JMR) everywhere laugh mirthlessly at the concept that McDonald’s, or anybody else, would sacrifice profit by not raising prices to offset higher costs.
Mr. Pento is careful not to agree with me about motives or anything else I say, and writes instead that the problem of higher priced food is becoming universal, as “Indeed, the price of food ingredients has risen sharply…
10Jun2008 | Daily Reckoning | Comments Off | Continued
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