The Good News Is Inflation Is Slowing Down, The Bad News Is About The Price Of Groceries

Americans across the country are still reeling from the price of food and other basic necessities at their local supermarkets, even though inflation is finally starting to slow its pace a little, and will likely remain high through the rest of the year. That, frankly, is not really the kind of news we were hoping to hear about the current state of the economy, but hey, what do you expect with Joe Biden still sitting in the White House. He’s not changing his tactics anytime soon, so you might as well expect more of the same.

Food costs are anticipated to rise but at a slower rate than in 2022, according to the U.S. Department of Agriculture. Prices will continue to be higher than the historical averages,” the Daily Wire reported. “The USDA’s Economic Research Service pointed out that last year, the cost of food increased by 9.9%, whereas groceries rose 11.4%, while eating out costs went up 7.7%. In 2023, the USDA expects to see total food costs rise by 7.1%. Groceries are likely to increase by 8%, and the cost of dining out is expected to go up by 8.2%. “

The prices for eight specific food groups are going to continue their upward trend in prices, even as those particular items experienced increases for the duration of 2022. Next year, predictions state that the costs for “other meats” is expected to go up at 12.8 percent, dairy items at 8 percent, and “fats and oils” at 16.5 percent, with processed vegetables and fruits at 9.6 percent.

And if you happen to have a sweet tooth there’s even more bad news. Sweet products and sugar is set to rise by 10.6 percent, bakery items and cereals will go up by 12 percent, nonalcoholic beverages will rise 8.7 percent, and many other food items are expected to go up by 6.8 percent.

“The Consumer Price Index (CPI) went up 6.5% during the past year in December, at a measurement that wasn’t seasonally adjusted, and it also went down 0.1% seasonally adjusted. While the CPI was lower than where it was at 7.1% in November, the prices of certain items are still making life difficult for many Americans,” the report said.

“According to the U.S. Bureau of Labor Statistics, the consumer price index for food increased 10.4% over the past year, the most of any other main category in the December data. Specifically, food in the home — groceries — went up 11.8%, whereas prices for eating out rose 8.3%,” it continued. “The cost of eggs has been a serious concern for the past several weeks as consumers around the country have been hit by high prices. Last month, the cost of eggs went up 11.1% and was 59.9% more than in December of 2021.”

The cost of eggs this year is expected to rise by 27.3 percent. In other words, you will need to take out a second mortgage on your home and sell a kidney to the black market in order to have scrambled eggs for breakfast in 2023.

Agricultural outlet Successful Farming pointed to a University of Illinois Farmdoc Daily blog that noted how farm costs had increased more quickly than the average costs in the United States during the current century. In the latter half of the last century, they went up less than the average consumer and producer costs. According to the authors – both agricultural and economics experts – this means that the costs of farming will probably not soften inflation in the U.S. going forward,” the report added.

So the price of living continues to go up, but wages, well, they aren’t. And I’m not advocating for a hike in minimum wage. That would make things even worse. No, what we need are common sense conservative economic policies that will encourage job growth and creation and fiscal responsibility as that will decrease inflation. Stop. Printing. Money.


Notice: This article may contain commentary that reflects the author's opinion.

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