The gov’t says higher food prices are not inflation and need to be ignored.
Nor Gas prices
And just yesterday the emperor issued a decree mandating higher fuel efficiency standards for heavy trucks. (you know, the ones that bring food to the stores)
Inflation is a measure of the increase in average prices in the economy. There will be components that have higher price increases than the average and items that have lower price increases than the average. It sucks to have to pay more for beef or the other specific items mentioned in the article but the effect of food prices on household well being has been greatly diminished over time. For example, in 1929 people spent 20% of their income on food for home use. Today that number is only 5.7%.
Nor gas prices.
Uh, where do you think CBS got these numbers?
[hint: the government]
They say that about fuel prices, too. Neither food nor fuel are included in the CPI. CPI and Unemployment are the two most cooked numbers out of DeeCee.
Until, in a few months, we’ll hear how they feel they need to raise the food stamps allocations and provide more money for the school breakfasts/lunches/dinners programs, due to the rising cost of food. Or some back-door deal to subsidize the costs of meats before market.