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Reader: Food Prices Are Rising Aggressively, And Even The Corporate Media Is Admitting That It Is Only Going To Get Worse

Posted By: RumorMail
Date: Friday, 16-Apr-2021 12:37:58
www.rumormill.news/170242

In Response To: 14:13 video (cc): Glenn Beck - "Food & Job Shortages: The ’PERFECT STORM’ for Universal Basic Income?" (hobie)

Michael Snyder
April 16th, 2021

This article was originally published by Michael Snyder at The Economic Collapse Blog.

Food prices are outrageous now, but they are only going to go higher. Earlier today, I came across an NBC News article entitled “Get ready for higher grocery bills for the rest of the year.” I thought that it was strange that a piece put out by the corporate media sounded like it could have come straight from my website because I have been sounding the alarm about higher food prices for quite some time.

Surprisingly, the NBC News article was generally right on point. Thanks to a variety of factors, food prices have been rising aggressively, and that is going to continue for the foreseeable future.

According to the Labor Department, consumer prices overall were up 0.6 percent from February to March…

Consumer prices shot higher in March, given a boost by a strong economic recovery and year-over-year comparisons to a time when the Covid-19 pandemic was about to throttle the U.S. economy, the Labor Department reported Tuesday.

The consumer price index rose 0.6% from the previous month but 2.6% from the same period a year ago. The year-over-year gain is the highest since August 2018 and was well above the 1.7% recorded in February.

0.6 percent may not sound like that much, but if you multiply that figure by 12 months you get an annualized rate of 7.2 percent.

Of course the government has changed the way the inflation rate is calculated dozens of times over the years, and at this point everyone knows that the official number greatly understates what is really happening in the economy.

In fact, John Williams of shadowstats.com says that if the rate of inflation was still calculated the way that it was back in 1980, it would be over 10 percent right now.

In other words, we have now reached Jimmy Carter levels of inflation.

One of the places where we are really starting to see inflation show up is in food prices. Here are just a few examples…

Before the pandemic began, the national average for a pound of bacon in January 2020 was $4.72. By last month, that price had soared to $5.11, according to exclusive supermarket point of sale data from NielsenIQ. Ground beef is up $5.26 a pound from $5.02. Bread is up $2.66 a loaf from $2.44.

So why are food prices increasing like this?


Read More




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