Food First NL: Grocery Costs Up 8% as Inflation Hits Families Hard
from VOCM
Food First NL has released its annual Nutritious Food Basket numbers which, not surprisingly, reflect the growing cost of groceries.
The latest numbers for 2023 show that a family of four pays and average of $333 a week for groceries that meet the recommendations of the Canada Food Guide. That’s up a whopping 8 per cent from the previous year.
Those figures differ depending on where you live. For those on the north coast of Labrador, the cost is greater, at $509 a week, while in eastern Newfoundland where transportation is not as great a factor and competition is higher, the cost is $317 a week.
Gas Prices Up 50 Percent Since Kamala Harris Took Office
by Hannah Knudsen
Breitbart.com
Americans are largely unable to find the “joy” Democrats have touted, especially when they hit the gas pumps, as prices have risen 50 percent since Vice President Kamala Harris has been in the White House.
According to data from the U.S. Bureau of Labor Statistics, not seasonally adjusted, the cost of gasoline has risen 50 percent since January 2021.
[…] This is a stark reality Americans are all too familiar with. During the second year of the Biden-Harris administration, gas prices actually broke record highs several times.
As it stands, the highest recorded average price for regular unleaded gasoline is $5.016, recorded on June 14, 2022. Diesel reached an all-time high five days later, reaching $5.816 on June 19, 2022, according to data from AAA.
Are Shoppers’ Concerns Around Food Inflation Starting to Ease?
While consumers feel they have “more or less control” over their grocery finances, they are still worried about rising food costs, new FMI research found.
by Peyton Bigora
Grocery Dive
Dive Insight:
Shoppers’ perception of inflation has shifted throughout 2024. In response, grocers continue to employ value-focused strategies to win over their customers — and the strategy is paying off.
More than 40% of surveyed shoppers stated their “primary food store” is on their side as an entity supporting their financial health, while 30% said the same for “food stores in general,” FMI found. Only 17% said the same for manufacturers and food processors, with 31% feeling they are “working against me.”
Food Profit Margins Shrink, but Harris Blames Them for Rising Grocery Bills
by Joel Griffith
The American Institute for Economic Research
Rising grocery costs continue to put the squeeze on families. Overall, the cost of a trip to fill the pantry rose nearly 22 percent since the beginning of 2021. Many specific staples rose far more — eggs are up 110 percent, flour up 29 percent, orange juice up 82 percent. A family of four spending $1000 per month just three and a half years is spending an additional $2,640 annually for this same shopping list.
Unfortunately, Vice President Harris misdiagnosed the source of the problem as “bad actors” seeing their “highest profits in two decades.” She blames the initial surge in food prices on supply chain issues during the pandemic — certainly a major contribution to the shortages and price increases on many items early in the pandemic.
Slow Cooking in a Microwave World: Understanding Inflation and Economic Trends
by Money Metals
GoldSeek
In the latest episode of the Money Metals Midweek Memo, host Mike Maharrey dives deep into the recurring economic themes that dominate the news cycle. Maharrey begins by acknowledging a feeling many listeners may share: a sense of repetition in the content.
However, he stresses the importance of understanding that while news headlines change daily, the underlying economic fundamentals remain consistent, often playing out in slow motion over time.
Fudging the Figures
by Alasdair MacLeod
Gold Money
Of all the dangers that threaten the global financial system, the one most likely to topple it is the US Government’s debt trap. This article explains how and why it is becoming inevitable.
According to the US Government, its debt stands at $35.210 trillion having grown 57% in the last five years. As the chart below shows, there was a big step up in early 2020 due to Covid. But subsequent attempts to control the deficit and therefore indebtedness have been absent.
[…] This article looks at the dollar’s debt trap, which despite being the greatest threat to the entire fiat currency based monetary system has attracted little notice from the financial media and investment commentators. Furthermore, the mechanics of a debt trap are poorly understood. It is timely, because with signs of America’s economy slowing down and formally reliable recession indicators such as the Sahm rule being triggered, the Keynesian response is for the government to increase spending to support the economy.
Trump’s Inflation Fantasies
by Rick Newman
Yahoo! Finance
If Donald Trump becomes president, he’s going to wave a magic wand on his first day in office and poof! The cost of food, energy, insurance, and many other things will suddenly plunge.
This is the gist of Trump’s riff on inflation, which he used to blame on President Joe Biden and now blames on Vice President Kamala Harris. When Biden was the Democratic presidential candidate, the inflation that peaked at 9% during his second year in office was a major electoral liability. Now that Harris has replaced Biden, Trump obviously hopes voters will transfer their anger over inflation onto her.
If the president had the power to single-handedly slay inflation, you might think Biden would have done it.
‘Don’t Be Scared of Beans’: How Readers Are Handling U.S. Grocery Inflation
by Aliya Uteuova
The Guardian
Back in 2019, $100 worth of groceries may have lasted a week for a household of two. Today, that same $100 will probably only buy enough groceries to stretch for a couple of days.
In the last four years, food prices have increased a whopping 22%, and consumers are feeling the pinch.
Even though inflation has recently fallen below 3% for the first time since 2021, food prices remain stubbornly high, and are still predicted to increase. Some food companies such as General Mills are continuing to raise prices of their products 4% this year, with profits jumping to $670.1m. Kellogg’s raised the price of cereal by 12%.
The Fed’s Fiat Money is the Real Cause of Price Inflation
by Tom Mullen
Mises.org
During election years, incumbent presidents are routinely blamed for every societal ill during the previous four years. And almost nothing is riper for the picking than a significant rise in consumer prices. According to the Bureau of Labor Statistics (BLS), prices are currently increasing at a rate of 3 percent year over year and peaked at 8 percent during President Biden’s term in 2022.
That is significantly higher “inflation,” as the BLS defines it, than American consumers have experienced in decades. But as economically harmful as many of President Biden’s policies may have been, no president can cause prices in general to rise. Neither can Congress or “greedy corporations.”
Incidentally, “inflation” as an economic term originally meant the creation of new money and credit, not rising prices. Those wishing to confuse the public on which is the cause and which the effect has gradually redefined inflation as rising prices. Check any hard copy Merriam-Webster dictionary printed in the 20th century and see for yourself.
‘Joy’ and ‘Hope’ in Kamala Harris’s America: Car Insurance Prices Up 54%
by Hannah Knudsen
Breitbart.com
Americans are having a hard time finding the “joy” and “hope” that Democrat elites touted during their August convention, as they struggle to pay their bills while the cost of goods skyrockets. This includes car insurance prices, which, under Vice President Kamala Harris’s watch, rose 54 percent.
Data from the Bureau of Labor Statistics show a dramatic rise in car insurance since President Joe Biden and Harris, the latter of whom Democrats have coronated to face off against former President Donald Trump, took office. From January 2021 to July 2024, car insurance rose a tremendous 54 percent.