The Biden administration told you that the record inflation we are seeing is just transitory. Breaking news: It’s not.
Price increases over last yr (CPI report)… Gasoline: +42.7% Used Cars: +31.9% Gas Utilities: +21% New Cars: +7.6% Overall CPI: +5.3% Electricity: +5.2% Food away from home: +4.7% Transportation: +4.6% Apparel: +4.2% Food at home: +3.0% Shelter: +2.8% Medical care service: +1.0%:
In the U.S., the world’s biggest economy, 8.6% of people said they sometimes or often didn’t have enough to eat during the prior week in a survey completed on Aug. 30.
Whether for bread, rice or tortillas, governments across the world know that rising food costs can come with a political price. The dilemma is whether they can do enough to prevent having to pay it.
Global food prices were up 33% in August from a year earlier with vegetable oil, grains, and meat on the rise, data from the United Nations Food and Agriculture Organization show. And it’s not likely to get better as extreme weather, soaring freight and fertilizer costs, shipping bottlenecks and labor shortages compound the problem. Dwindling foreign currency reserves are also hampering the ability of some nations to import food.
Food is more expensive than almost anytime in the past 60 years. Adjusted for inflation and annualized, costs are already higher now than for almost anytime in the past six decades, according to FAO data.