Food Prices Surge Again in August, What’s in Your Basket?

September 13, 2022

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5:14 pm

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83 comments

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Economics

What’s in Your Basket?

Meat, Poultry, Fish, Eggs: 10.6 Percent
Cereals, Bakery: 16.4 Percent
Dairy: 16.2 Percent
Fruits and Vegetables: 9.4 Percent
Beverages: 13.4 Percent
Other Food at Home: 16.7 Percent
Away From Home: 8.0 Percent
At Home: 13.5 Percent

Given rising tip defaults (and me paying them) I dispute the total cost of food away from home as up only 8.0 percent.

We have seen tip defaults as high as 25 percent. The most common default tip we see is 22 percent. It’s getting absurd.

CPI vs CPI Food

CPI Year-Over-Year Details

CPI: 8.3 Percent (down from 8.5 percent)
CPI Food and Beverage: 10.9 Percent (up from 10.5 percent)
CPI Food: 11.4 Percent (up from 10.9 percent)
CPI Food at Home: 13.5 Percent (up from 13.1 percent)
CPI Less Food: 7.8 Percent (down from 8.1 percent)
CPI Energy (Not Shown): 23.8 percent (down from 32.9 percent)

The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979.

Stocks Hammered as CPI Rises a Mere 0.1 Percent More Than Expected

For more on this month’s CPI, please see Stocks Hammered as CPI Rises a Mere 0.1 Percent More Than Expected

This post originated on MishTalk.Com.

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redcurran

3 years ago

I recall speaking with a property manager in 2009 or 2010. She received a call. After a short while, she was holding it about six inches from her ear. The shouting was audible to me. We had a long history, so I had no qualms about asking, “What’s up?” She said, “Just found out their curtains are destroyed by a flipper turned landlord.” https://mishtalk.com/economics/food-prices-surge-again-in-august-whats-in-your-basket https://gmailguide.io

Cocoa

3 years ago

Meanwhile the dollar index is insanely high. Due to silly COVID policies, supply chain destruction, de-globalization and corporate supplier collusion/deliberate supply squeezes and a petulant labor force on the dole we are getting high inflation. This is all policy driven more than monetary phenomenon. So, Powell is pissin’ in the wind trying to crash economy to drive inflation down. Then we have the 2020 cycle all over again.

davebarnes2

3 years ago

While we track all our spending, we don’t pay attention to grocery prices so I have no idea how much they have increased.
Here is what I do know.
1. We spend about $10K/year on groceries. So, a 10% increase in prices is $1K.
2. The upcoming COLA for Social Security benefits is projected to be 8% which will be an increase of $5K for us.

JackWebb

3 years ago

Reply to davebarnes2

So you buy nothing but groceries?

Robbyrob

3 years ago

lotta finger pointing

JRM

3 years ago

What I find strange on how a few people on Mish site runs to Gasoline prices as proof inflation is going down, but ignore Diesel..

These people I believe never walk into a grocery store and look at prices!!!!

When they go in they just grab what they want and go swap their credit cards or pull out their wad of cash!!!

Zardoz

3 years ago

Reply to JRM

Pretty much…

8dots

3 years ago

Fake for the blue zone whales…

JackWebb

3 years ago

Reply to 8dots

I love your free association! Where do you get your mushrooms? LOL

JackWebb

3 years ago

This spring, I looked around and thought I’d use our gardens (15 raised beds + 3 apple trees + 2 pear trees + lots of berries) to grow food to donate to the local food bank. I’m a little upset at myself for screwing up on the potatoes and carrots on account of the weird weather, but the green beans went nuts. I’m about to take off to town with my third load of green beans. Bucket load of carrots (kind of pathetic) last week, with beets to come next week.

For those who don’t grow anything, a few observations.

1. Tomatoes, green beans, and berries are better from the garden. And they do very well with lots of sun.

2. Carrots and potatoes taste the same. Those do very well, but carrots have to be thinned or they’ll be stunted.

3. When growing carrots and potatoes for donation, the food bank prefers them to be dirty because they don’t spoil as fast.

I can’t solve the world’s problems, but I can feed some hungry poor people. It’s not hard. If you grow green beans, make them stringless pole beans, which were hybridized in the late 1800s. It feels good to feed people. This is America, and one thing we can do is feed people. It doesn’t take that much effort. I didn’t do enough this year. Next year, I’ll do better. People are hurting, and the ones out here who are hurting are suffering in silence.

Don’t sit there and let the government do it. Personal charity is a human obligation. It’s what separates the civilized from the rest. No matter how undeserving, lazy, stupid or worse, this is America and every single person should eat. No one should go hungry.

Lisa_Hooker

3 years ago

Reply to JackWebb

From the heart, thank you Jack.

Call_Me

3 years ago

Reply to JackWebb

Addendum to #1- lettuce/greens. Also more flavorful than from a store and, as long as they don’t bolt, quite easy to grow.

Kudos to you on this endeavor! Helping others and perhaps inspiring some people to produce a little produce of their own.

Call_Me_Al

JackWebb

3 years ago

Reply to Call_Me

I grow salad greens. Lettuce no different, but Italian parsley is better.

I hope a few people here will grow stuff for the local food bank next year. There are people hurting who will never say so.

prumbly

3 years ago

Reply to JackWebb

Carrots and potatoes do not taste the same

JackWebb

3 years ago

Reply to prumbly

Come to think of it, garden carrots are tastier. Disagree about potatoes.

Jojo

3 years ago

AIER’s Everyday Price Index Falls 1.3 Percent in August

Robert Hughes

– September 13, 2022

AIER’s Everyday Price fell 1.3 percent in August after a 0.6 percent drop in July. Those were the first back-to-back declines since October and November 2020. From a year ago, the Everyday Price Index is up 11.1 percent. However, motor fuel prices more than accounted for the overall drop in August, offsetting significant increases in other key categories.

…

https://www.aier.org/article/aiers-everyday-price-index-falls-1-3-percent-in-august/

JRM

3 years ago

Reply to Jojo

Yep run to gasoline to “PROPAGANDIZING” inflation is going down!!!

My state prices are still above the TRIPLE AAA prices…

National prices are the vast majority of time way lower than the majority of state prices!!!

JackWebb

3 years ago

Last Thanksgiving’s turkey was +40%. We’ll see about this year.

JJ Johnson

3 years ago

Reply to JackWebb

Migrating birds are bringing bird flu back to Jenni-O areas in MN. Start shopping soon

Sunriver

3 years ago

Progresso Soup. $2.99 at it’s cheapest in 2022. I’ve seen it at $3.99 in some stores.

Used to be able to find it for $1.25 in 2020.

Jojo

3 years ago

Reply to Sunriver

Progresso used to be $0.99 last year. I see $1.25 this coming ad week (Wed to Tue) at Safeway in CA. Last week I brought Campbell 19oz cans of chicken noodle at Costco for $1/ can. on sale.

Lisa_Hooker

3 years ago

Reply to Sunriver

Shop at the $1.25 Tree store ;-(

JRM

3 years ago

Reply to Lisa_Hooker

Remember it used to be $1.00 tree stores!!!!

My local Tree stores are now $1.50 stores!!!!!

mrchinup

3 years ago

This will effect the poor, probably 80% of the liberal dopes who voted for globalist liberal whack jobs. They will get what they deserve.

JoeJohnson

3 years ago

I stopped buying prosciutto… just too expensive. Veal too.

Lisa_Hooker

3 years ago

Reply to JoeJohnson

It’s not the prosciutto, it’s the foie gras.

How can you make Beef Wellington without foie gras?

JackWebb

3 years ago

Reply to Lisa_Hooker

Cheese prices have gone crazy.

prumbly

3 years ago

Reply to Lisa_Hooker

And it’s just impossible to find good caviar these days

Casual_Observer2020

3 years ago

Time for another rate hike. I see little evidence of economic activity impacted. We went to multiple restaurants in our metro area as a survey and there is little slowdown in foot traffic. A couple of restaurants reduced prices to get more people in. I notice more owners of restaurants actually working tables.

Nuddernoitall

3 years ago

Food prices continue their ascent. First thought I had today when I saw the data was …isn’t it time for the Biden administration to publicly shame food manufacturers (and everyone else in the food production, distribution and retail ecosystem) for these high prices? Politicians learn in their first year, in fact their first semester, at Political University that the blame game is always good policy. Later on at ole Political U, they will learn about other communication tricks and “mis-directs” such as high food prices are 1) racist, 2) not equity oriented or 3) not good for democracy. Come on Joe…show us why you finished first in your class (not really). What do you have for us?

Bam_Man

3 years ago

Reply to Nuddernoitall

Biden thought he was “first in his class” because he was holding the list upside down.

Bam_Man

3 years ago

“You’re gonna need a bigger Inflation Reduction Act.”

Zardoz

3 years ago

Whiskey got crazy expensive all of a sudden, but weed is cheap, and don’t make my head hurt.

With that substitution, the bill is still up 10%.

MPO45

3 years ago

Reply to Zardoz

Is it Tennessee whiskey?

Bam_Man

3 years ago

Reply to Zardoz

Fentanyl is even cheaper and I hear they have come out with a new variety that looks and tastes like candy.

Yum!

Zardoz

3 years ago

Reply to Bam_Man

China sends us all the good stuff for cheap. Friends forever!

mrchinup

3 years ago

Reply to Zardoz

LMAO!

TexasTim65

3 years ago

Reply to Zardoz

Unless you are drinking literal rot-gut whiskey the problem is more likely what you are mixing it with. Cola’s with all their sugar lead to terrible hangovers.

Whiskey is best enjoyed straight with some ice or at worst mixed with some water to cut the taste if it’s not higher end whiskey.

Zardoz

3 years ago

Reply to TexasTim65

I drink it with ice… I just don’t process it as well as I used to.

Lisa_Hooker

3 years ago

Reply to TexasTim65

Fructose.

You have to go to Mexico to get cola with real sugar.

Casual_Observer2020

3 years ago

Reply to Zardoz

Thinking of drinking whiskey makes my head hurt.

Zardoz

3 years ago

Reply to Casual_Observer2020

It’s so dang tasty though.

Tony Bennett

3 years ago

$US having a Mike Tyson in his prime kind of day.

1yr T bill … +27bps

30yr bond … +1bps

I’m sure that’s the way Jay drew it up …

MPO45

3 years ago

Reply to Tony Bennett

6th month treasuries almost at 4%….bye bye stocks.

Tony Bennett

3 years ago

Coffee has been my personal moving target.

Casual_Observer2020

3 years ago

Reply to Tony Bennett

I see coffee prices all over the place. My favorite I get from Amazon has NOT gone up. It is from Honduras.

Jojo

3 years ago

Reply to Tony Bennett

People consume coffee because of the drug caffeine.

Zardoz

3 years ago

Reply to Jojo

I tried caffeine pills for a while, but I’ve just learned to like coffee, and missed the taste.

JackWebb

3 years ago

Reply to Tony Bennett

Buy green coffee beans and roast it yourself. Tastes better and far cheaper.

Tony Bennett

3 years ago

My State had universal free school lunches past 2 years. This year income based.

Bam_Man

3 years ago

Reply to Tony Bennett

Defending “democracy” in Ukraine is much more important.

Tony Bennett

3 years ago

Reply to Bam_Man

Yep. Can’t spend fast enough offshore.

I recall a Washington Post article from 2003. A cement plant near Baghdad had been bombed and put out of action. US Army Corps of Engineers came in and assessed. They wanted to build a brand spanking new plant for $15 million (courtesy of US taxpayer), but it would take a while. Iraqis said screw that. The plant still had $300K in the bank, they jerry rigged a fix with that money so they could get back to work pronto.

Jojo

3 years ago

Reply to Tony Bennett

Free meals at selected public libraries here!

https://smcl.org/blogs/post/pick-up-free-meals-for-your-family

JackWebb

3 years ago

Two weeks ago: Three people at breakfast. Ordinary level, nothing fancy. Bacon, eggs, pancakes for two, heuvos rancheros for me. Coffee for all, plus small o.j. for me. $70 including 20% tip. We don’t go out as much as we used to.

Rygon64

3 years ago

Who cares that kids in America will go hungry. At least there is no more mean tweets.

MPO45

3 years ago

Reply to Rygon64

Repubs are already making kids hungry.

https://www.salon.com/2022/06/03/millions-of-kids-face-disaster-as-mcconnell-threaten-to-school-lunch-waivers_partner/

mrchinup

3 years ago

Reply to MPO45

Mcconnell is a globalist liberal piece of trash. His family has gotten tens of millions from commie China.

MPO45

3 years ago

The last nice restaurant wife and I went out to last week had a tab of $130. Couple of cocktails, an appetizer sampler, and two entrees lamb and chicken. I would normally get a bottle of wine but that would have brought the tab up to $200 and we have plenty of wine bottles at home that we bought before inflation hit thankfully. We did hit a skybar afterwards and dropped another $60 on two drinks.

Going out now cost $200 and it wasn’t that much food or alcohol. It seems $200 is the new $50.

TexasTim65

3 years ago

Reply to MPO45

Imagine adding kids to the equation. Either going out with you for dinner and adding their food costs too or hiring a babysitter at $20+/hr for 3 hours or more to the equation.

A buddy of mine joked with me last night over beers after hockey that taking his wife out to date night cost over $100 and that was before he sat down and ordered a drink! The $100 was the cost of 3 hrs of baby sitting and a prepaid Uber ride both ways so they could both drink.

Thank God my daughter is now old enough to stay home alone and baby sit.

MPO45

3 years ago

Reply to TexasTim65

I feel terrible for young people, I have no idea how a young man takes a young woman on a date these days with costs all out of control and it doesn’t bode well for fixing the demographic problem either, kids are too expensive to have these days.

Zardoz

3 years ago

Reply to MPO45

Could be the actual carrying capacity of the planet is being reached, and it’s being reflected in the economy. Would be a kinder correction than famine.

Jojo

3 years ago

Reply to MPO45

Tech people straight out of college make at least $200k here in Silicon Valley/Bay Area. A few years of experience and that number can reach $500k. Who knew?

Zardoz

3 years ago

Reply to Jojo

Only the top 2%. We hire mostly between 100 and 140k.

Lisa_Hooker

3 years ago

Reply to Jojo

The techies and politicians will have the cash to bid up prices for the rest of us.

Demand pull is still relevant.

Not a happy ending.

mrchinup

3 years ago

Reply to MPO45

You feel bad for the morons who voted for the globalist greeny liberals?

MPO45

3 years ago

Reply to TexasTim65

And now you know why Portugal is in the cards for me. You can get a nice dinner for $50 there.

https://www.youtube.com/watch?v=D0Wd9LmeG3I

TexasTim65

3 years ago

Reply to MPO45

I didn’t see where they mentioned the prices. Is that 50 a person or 50 total?

Here in Florida you can still get some $50 dinners if you are willing to go at off times (the legendary blue plate specials) or go on nights that a restaurant has a special on the food or drinks you want. There is a local Cuban/Mexican place by where I live that has $1 house Margarita’s on Tuesday night so we go and share the Fajita’s and have a couple Margarita’s each and get out for under $30!

MPO45

3 years ago

Reply to TexasTim65

They show a receipt at the halfway mark. Several dishes, beer, etc for 50 euros. there are also glimpses of menus and most dishes are under 10 euros.

FromBrussels2

3 years ago

Reply to MPO45

Americans making publicity for Lisbon restaurants …..50 $ FOR FCKN DINNER? REALLLY? how much commission did they get …. you can have a nice dinner there for 15 , ALL included !

Zardoz

3 years ago

Reply to FromBrussels2

Comrade Yoda! You are urgently needed at the frontline! They need every man they can get to put on a respectable retreat!

Jojo

3 years ago

Reply to MPO45

Cyprus is also supposed to be a good place retire.

billybobjr

3 years ago

Reply to MPO45

Went to a brewery last week with my wife 2 beers appease and food truck hamburgers with fries for both us was $82 included tip

billybobjr

3 years ago

Reply to MPO45

Dem policies are great aren’t they suck it up and quit complaining elections have consequences . Old Joe just released another 8.4 million barrels

of the strategic petroleum reserve to try and keep the gas prices down so the Dems can stay in power but after the election look out !

MPO45

3 years ago

Reply to billybobjr

When repubs gut social security and medicare, I am sure they will pass the savings on to you.

billybobjr

3 years ago

Reply to MPO45

You keep making the same idiotic argument clueless as usual typical Dem

Zardoz

3 years ago

Reply to billybobjr

Talking to a conservative cultist is like talking to a dog: they look like they kinda get it, but they don’t at all.

Pontius

3 years ago

Reply to MPO45

And how, pray tell, will the US government possible raise funds to pay out social security and Medicare- both close to insolvency, plus pay for foreign proxy wars, plus invest in green new deal – credit card is getting cut off after 30 years. Look for a battle royals between the over 62 yer old crowd and the under 40 crowd. Get some popcorn.

Jojo

3 years ago

Reply to Pontius

Raise your taxes!

Lisa_Hooker

3 years ago

Reply to MPO45

Nah. If the Dems continue your entire month’s social security will pay for one Big Mac (no fries, no shake) and medicare won’t recognize any issue you have unless it is a openly bleeding trauma.

Casual_Observer2020

3 years ago

Reply to MPO45

The fact that you can drop that much coin tells me you can afford it. You must be rich.

MPO45

3 years ago

Reply to Casual_Observer2020

If you think $200 makes me rich then you obviously have your own problems. The thing is, I’d rather take those $200 and invest it rather than blow it on overpriced food and wine but that’s just me.

Zardoz

3 years ago

Reply to MPO45

Relative to 90% of the people alive, we’re rich. Enjoy it.

Lisa_Hooker

3 years ago

Reply to Zardoz

So I commend the enjoyment of life,
because there is nothing better for a person under the sun than to eat
and drink and be glad.

Food Prices Surge Again in August, What’s in Your Basket?

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