Skip to comments.Beef Prices Surge Most In A Decade As Food Inflation Soars
Posted on 03/19/2014 9:06:27 PM PDT by Nachum
Just a month ago we warned that food inflation was on its way. Today we got the first confirmation that problems are on their way. While headline data washes away the nuance of what eating, sleeping, energy-using human-beings are paying month-in and month-out, the fact, as WSJ reports, that beef prices surged by almost 5% in February - the biggest change since Nov 2003 - means pinching consumers and companies pocketbooks that are still grappling with a sluggish economic recovery. "Things are definitely more expensive," exclaimed on mother of three, "I can't believe how much milk is. Chicken is crazy right now, and beef - I paid $5 a pound for beef!"
(Excerpt) Read more at zerohedge.com ...
They're on you, taxpeasant!
Bammy’s (& the Wookie’s) fault.
Hadn’t been food shopping for awhile until I did some recently. I was amazed at how much everything cost.
My freezer is stocked. I guess we will be living off the fat of the freezer. I have several large chickens, lots of beef roast, steaks and ground beef and turkey as well as a nice assortment of fish and sides.
Stocking up earlier really will come in handy for the time being.
Guess it’s time for the fedgov to grow some more teats. Or make the existing ones bigger.
I got in line at the grocery store tonight just as the woman in front of me started to pay. The cashier announced her total as $294 and change. The woman said she wanted to use her EBT (read Food Stamps) card and proceeded to swipe it. The transaction went through w/out trouble.
I felt like saying to her as she pushed away her overloaded cart, “Have some nice meals on me and the other taxpayers,” but didn’t.
I stopped paying attention to the Healthy Food Nazis when they tried to tell me that margarine was better for me than butter.
Many years later, they agreed with me.
'Tis a pity they wasted the talents of the White House pastry chef. I'll have to make some shortbread in honor of his leaving. :-)
The government claims there is no inflation to speak of but yet they print paper money in unfathomable amounts with no physical wealth backing it. That by definition, will cause inflation. And they conveniently leave out the items from the Consumer Price Index that people need in their daily lives the most to exist on, like food, gas, energy and housing.
But they claim there has been no significant inflation for the last forty years. Bullpucky.
Yep, beef definitely is up. Just got back from Sams. Paid $4.98/lb for beef round steak. Guess I won’t be buying as much beef in the future.
I’m tired of chicken fajitas. Anybody tried squirrel fajitas.
Looks like it’s time to stock up when it goes on sale. Gotta plug in that freezer in the garage to store it in. I wish my husband had gotten a deer this season. Venison is good stuff.
Food4Less stores mark down their meat to 1/2 price on the sell-by date. At least the one I went to in Newport News, Va did.
“But they claim there has been no significant inflation for the last forty years. Bullpucky.”
If you’re into math, it’s fascinating to track the changes made to the methodology used in calculating the CPI. Hedonic regression, substitution (for a market basket of goods fer chrissake), the newly proposed chain-averaging (already used to calculate the GDP deflator).
If we calculated the current CPI with the methodology used in the 1980’s the current inflation rate would be around 6%, and if we calculated the CPI with the methodology used in the 1970’s the current inflation rate would be around 10%.
That’s quite a bit different than the absurd claim from the current CPI that we’re dealing with 1%ish inflation.
There are proposed changes in the works that would further underestimate inflation.
The BLS figures for unemployment have undergone similar revisions in methodology calculated to intentionally under-report unemployment. If we used Carter-Era methodologies to calculate both inflation and unemployment, the current “misery index” would hovering around 30ish (versus Carter’s highest of 22).
Beware politicians that redefine the yardsticks used to measure their job performance.
I haven’t found a good mark down buy lately. I look for mark downs but now everybody is scarfing them up just as quick as they mark them down. I’ve seen some really rank meat and dairy markdowns go like greased lightning. Worsening economy may be the reason. People more price conscious perhaps.
Gas has gone up $.30/gallon at all our local stations in Houston suburbs since last week. Not sure what that is all about this time. Can’t afford to buy gas to go to the store so guess I won’t worry about how much food has gone up.
Flooding the market with trillions of dollars of newly created money will sooner or later push prices up. In the 1970’s it was called stagflation. It befuddled the Keynesians. To them, inflation was only associated with prosperity. They forgot to notice 1920’s Germany, and most banana republics.
If there were an opposition party in the US, or a free press, inflation and the deceptive reporting would be an issue.
Based on the projections for healthcare costs, the government should be excluding them from inflation calculations any day.
I want to know why bacon is six bucks a pound, but boneless pork loin is still 1.99. Is it all going to make fast food burgers with bacon inside and bacon flavored vodka, or what?
Went to the grocery store last night. Beef prices are ridiculous. Even on sale items were too high to afford. Luckily pork chops were on sale for $1.49 a pound. I like a nice roast but not at $7 a pound. We eat a lot of chicken.