from TENET Media
$15 Big Macs: As Inflation Drives Up Fast Food Prices, Map Shows How They Differ Nationwide
You’re probably paying about twice what you paid in 2014 for a standard fast-food combo meal. These maps and charts show how it looks at popular chains across the nation.
by James Powel and Sara Chernikoff
USA Today
Across the nation families looking for a quick option to feed the family have seen prices rise as inflation has taken a bite out of the fast-food experience.
The Bureau of Labor Statistics’ latest reading from the so-called fast-food index saw annual inflation for the sector come in at 4.8%.
The BLS also found that prices in “limited-service restaurants” increased by 47% since 2014.
Fast food has become a staple of the American diet meaning that price increases at the drive-thru can make a major impact.
Inflation to the Nines
by Peter C. Earle
The American Institute for Economic Research
Americans will have to decide for themselves if the claim made by Biden was a lie intended to mislead anyone not familiar with the trajectory of prices over the past several years, or an innocent error. It is a choice US citizens have been confronted with frequently, in particular where assertions regarding the health of the economy have been made.
Inflation is Already Soaking the Rich 1%, New Research Shows
by Simon Constable
Forbes
The recent inflationary surge is squeezing households, but not likely in the way you think. It’s hitting the wealthy disproportionately, new research shows.
Inflation peaked at 9.1% in June 2022, and has recently dropped to 3.4% in April, according to data collated by TradingEconomics. However, the inflation rate is still way higher than it was in the five years through 2020 when the Consumer Price index grew at a rate that hovered around 2% and sometimes went negative.
In many ways that stability was good for the economy. But the jump in inflation after the pandemic has hit everyone in the wallet, experts say. However, it’s also true some groups got hit harder than others.
Cruel Summer: Consumer Sentiment Plummets as Inflation Fears Grip the Nation
by John Carney
Breitbart.com
Americans are bracing for a cruel summer as consumer sentiment takes a significant hit, driven the impression that we cannot shake off persistent inflation and the view that the economy is not out of the woods.
The University of Michigan’s consumer sentiment index fell to 69.1 in May, a sharp decline from 77.2 in April, marking the lowest reading in five months.
[…] Despite beating the preliminary estimate of 67.4, the final reading for May represents a significant decline from the previous month.
Expectations for inflation have edged up, with Americans now predicting a 3.3 percent increase over the next year, up from 3.2 percent in April. This is still lower than the preliminary reading of 3.5 percent, but the trend is unsettling for both consumers and policymakers.
America in 2024: Fast Food is a “Luxury”, 11 Million Children Live in Poverty, and 1000s of Stores Are Closing
by Michael Snyder
The Economic Collapse Blog
Little by little, our standard of living has been eroding. A couple decades ago, we had the largest and most prosperous middle class in the history of the world, but now most of the country is struggling. At this point, fast food is considered to be a “luxury”, 11 million children are living in poverty, and thousands of stores are permanently shutting down all over the United States because consumers have so little discretionary income these days. We are in the midst of a historic cost of living crisis, and those at the bottom of the economic food chain are being hit the hardest.
The ultra-wealthy don’t really care that food costs have been soaring, but for those that are barely scraping by from month to month it makes an enormous difference.
Once upon a time, fast food restaurants were where those that were struggling went to eat.
Gold Prices Rise as the Dollar Slowly Dies
by Daniel Lacalle
Mises.org
The money supply is rising again, and persistent price inflation is not a surprise. Price inflation occurs when the amount of currency increases significantly above private sector demand. For investors, the worst decision in this environment of monetary destruction is to invest in sovereign bonds and keep cash. The government’s destruction of the purchasing power of the currency is a policy, not a coincidence.
Readers ask me why the government would be interested in eroding the purchasing power of the currency they issue. It is remarkably simple.
Monetary inflation is the equivalent of an implicit default. It is a manifestation of the lack of solvency and credibility of the currency issuer.
Governments know that they can disguise their fiscal imbalances through the gradual reduction of the purchasing power of the currency and with this policy, they achieve two things: Inflation is a hidden transfer of wealth from deposit savers and real wages to the government; it is a disguised tax.
Fast-Food Prices Have Skyrocketed. Here’s a Look at How Much They’ve Climbed.
If you’re old enough to remember $5 footlongs from Subway, keep reading.
by Brooks Johnson
Star Tribune
Fast food has long been a staple of American diets because it is, or was, so inexpensive.
Not so much anymore.
Over the past five years, prices for popular menu items at chains like McDonald’s and Taco Bell have risen dramatically. The cost of a Big Mac or a Chalupa has doubled since 2019, according to archived and current pages of the Fast Food Menu Prices online tracker.
Restaurant inflation overall has been significant, though much tamer by comparison, with dining-out prices up 30% on average since 2019.
Public’s Positive Economic Ratings Slip; Inflation Still Widely Viewed as Major Problem
Majorities in both parties remain fearful about the state of the country
from Pew Research Center
Inflation may be cooling, but it continues to loom large over Americans’ evaluations of the country and the economy.
Today, 23% of U.S. adults say the economy is in excellent or good shape, down from 28% in January but higher than the 19% who rated the economy positively last April.
– The recent negative slide in economic ratings has mainly taken place among Democrats and those who lean to the Democratic Party: 37% rate the economy positively today, down from 44% in January (but up from 28% last spring).
– Republicans and Republican leaners’ views are little changed over this period – only one-in-ten rate the economy positively.
The public again sees inflation as one of the top problems facing the nation, with 62% saying inflation is a very big problem for the country – only slightly down from the 65% who said this last year.
U.S. Economy Picks Up Speed, Defying Fed Attempts to Cool Inflation and Growth
by John Carney
Breitbart.com
The U.S. economy got a major boost in May, according to the latest S&P surveys. Businesses are feeling good about the future, even with inflation still causing headaches.
The S&P flash U.S. services index, which is based on a survey of purchasing managers’ at U.S. businesses, shot up to a 12-month high of 54.8 in May from 51.3 in April. These are the folks buying supplies for their companies, so this is a big deal.
Not to be outdone, the flash U.S. manufacturing PMI climbed to 50.9 in May from 50.0. Anything above 50 means growth, so it looks like things are picking up.
“The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signalling the fastest expansion for just over two years in May,” said S&P Global’s top economist, Chris Williamson.
Price Increases Take a Bite Out of Companies’ Reputation
by Nathan Bomey
Axios
The public’s dissatisfaction with inflation is boiling over — and some of the biggest consumer brands in the country are feeling the heat.
Why it matters: Record price increases have ebbed, but the aftershocks are still reverberating.
The big picture: Companies such as Walmart, Macy’s, McDonald’s, Burger King, Amazon, Procter & Gamble, Costco, Kraft Heinz, Kohl’s, Nike and Kroger registered a decline in their Reputation Quotient score in the Axios Harris Poll 100 from 2023 to 2024.
“Industries where consumers see price hikes for everyday items have declining trust,” Harris Poll reports.
Zoom in: Trust scores fell by 3.8 percentage points for clothing companies, 3.2 points for quick-service restaurants, 2.9 points for big-box stores and 2.2 points for grocers.