The Phaserl


Low Inflation? The Price Of Ground Beef Has Risen 17 Percent Over The Past Year

by Michael Snyder, The Economic Collapse Blog:

Thanks to the Federal Reserve, the middle class is slowly being suffocated by rising food prices.  Every single dollar in your wallet is constantly becoming less valuable because of the inflation the Fed systematically creates.  And if you try to build wealth by saving money and earning interest on it, you still lose because thanks to the Federal Reserve’s near zero interest rate policies banks pay next to nothing on savings accounts.  The Federal Reserve wants you to either spend your money or to put it in the giant casino that we call the stock market.  But when Americans spend their paychecks they are finding that they don’t stretch as far as they once did.  The cost of living continues to rise at a much faster pace than wages are rising, and this is especially true when it comes to the price of food.

Someone that I know wrote to me today and let me know that she had to shut down the food pantry that she had been running for the poor for so many years.  It isn’t that she didn’t want to help the poor anymore.  It was that she just couldn’t deal with the rising food prices any longer.  Now she is just doing the best that she can to survive herself.

Perhaps you have also noticed that food prices have gotten pretty crazy lately.  In particular, meat prices have become absolutely obscene.  For example, the average price of ground beef has risen to a new record high of over $4.09 a pound.  Over the past twelve months, that works out to a whopping 17 percent increase…

The average price for a pound of ground beef climbed to another record high–$4.096 per pound–in the United States in September, according to data released today by the Bureau of Labor Statistics (BLS).

In August, according to BLS, the average price for a pound of all types of ground beef topped $4 for the first time–hitting $4.013. In September, the average price jumped .083 cents, an increase of 2.1 percent in one month.

A year ago, in September 2013, the average price for a pound of ground beef was $3.502 per pound. Since then, it has climbed 59.4 cents–or about 17 percent in one year.

The “intellectuals” over at the Federal Reserve insist that “a little bit of inflation” is good for an economy, but the truth is that inflation slowly robs us of our buying power.

In a previous article, I shared a chart that showed how food inflation has risen dramatically since the year 2000.  For this article, I wanted to show how food inflation has risen since the 1970s.  As you can see, the rise in food prices has been absolutely relentless for more than 40 years…

Food Inflation 2014

If our paychecks were going up at the same rate or even faster that would be okay.

But they aren’t.

In fact, CNN is reporting that our paychecks have fallen back to 1995 levels…

Americans also don’t feel any better off. While more people may have jobs, they aren’t bringing home fatter paychecks. Wages and income have remained stagnant for years, making it tough for folks even though inflation is low. Median household income, which stood at $51,939 last year, is back to 1995 levels.

Consumers expect a median income boost of 1.1% over the next year, Curtin said. But that won’t keep up with their inflation expectations of 2.8%.

“American households, on average, are still struggling with their living standards slowly eroding,” he said.

This is one of the primary reasons why the middle class is disappearing in America.

The purchasing power of our dollars is continually diminishing.

And this could be just the beginning.  Right now, severe drought is affecting some of the most important agricultural areas around the globe.  Most people are aware of the nightmarish drought in California, but did you know that things in Brazil are even worse?  Brazil is one of the most important food exporters in the world, and so they definitely need our prayers.

In addition, a “black swan event” such as a worldwide explosion of the Ebola pandemic could quickly drive food prices into the stratosphere.

Just this week, we learned that food prices in the Ebola-stricken regions of Liberia, Guinea and Sierra Leone have already risen by an average of 24 percent

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5 comments to Low Inflation? The Price Of Ground Beef Has Risen 17 Percent Over The Past Year

  • c.i.

    Is this a joke?

    Well maybe not as from America where anything is possible I guess.

  • J

    No not a joke… you are supposed to be worrying about everything. Especially things like: “What is FEMA planning to do with your Children?”

    Check that one out… and have a laugh. Who would post crap like this on their website? Well it is here on SGT along with a lot of other nonsense…

    • Rainmaker

      There sure is a lot of crap out there on “the net”, but it was designed that way. Some good stuff gets through and at least gives the appearance that we have some choices in areas of our lives. Kinda like a bit of truth with untruths sprinkled over the top (or visa versa). EVERYONE should read this little missive by Bernays just as a reality check:

      Then click your heels together three times and say “everything I was taught to be true is a lie”.

  • Gnostic

    The Kosher Tax on many food & food related products. Does not help rising prices.

    I am waiting for the Vatican to say ” Hey wait a minute we are supposed to control the world”

  • andrew james

    The majority of the public doesn’t gripe about food prices until they are standing in front of the most influential person as far as political issues are concerned and that is the cashier at the checkout counter. I work a cash register for the generous total of 23 hours per week. The public is stupid in all caps. People complain to me about the prices where I work every day as if I have something to do with it. Don’t expect the public to stop barking up the wrong tree any time soon.

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