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Grocery, Housing & Daycare Prices & Working Class Americans
- Thread starter nycfan
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- Politics
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“… Albertsons Chief Executive Susan Morris said on a Tuesday earnings call that shoppers were choosing smaller package sizes and using more coupons to reduce their grocery bills. She said the supermarket company is looking to cut costs to help counter inflation.
“We see them sticking closer to their shopping list, maybe not buying that extra item, that extra bottle of whatever,” Morris said.
The release of September inflation data from the Labor Department has been postponed until next week because of the government shutdown. Overall inflation this year has been far below the surge of pandemic-fueled price increases in 2022, when it hit its highest level in four decades. But the August inflation report showed grocery-price inflation picking up.
… Over the 12 months ended in August, the price of coffee increased 20.9%, Labor Department data showed; ground beef was up 12.8%, and bananas rose 6.6%. Dairy, fruits and vegetables and cereals have all become pricier.
Ground-roast coffee in August hit $8.87 a pound on average, jumping nearly $1 since May. Ground-beef prices added about 30 cents over that period, rising to a record $6.32 a pound, and steaks were up by more than $1 a pound.
… Rising commodity prices are driving some of the increases, including American beef. Tariffs imposed by the Trump administration have separately raised the cost of importing a variety of goods, from Spanish olive oil to Guatemalan bananas to shrimp from Vietnam. Some of these costs have been absorbed by food companies; others are being passed on to consumers.
… Dirk Van de Put, CEO of Mondelez International, the Oreo maker, said shoppers haven’t boosted their spending for 2½ years, even as prices have gone up, meaning that they are buying less….”
Molotov Mocktail
Distinguished Member
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Ground chuck at my local butcher just jumped up in price 14%. Steaks and roasts also increased, but I don’t have the numbers on those. Butcher was pissed (about the price hikes) when I asked about the increases. I used to think it was a bit funny when they’d have chuck roast “on sale” for $10.49. Now they’re suspending weekly sales.
Cool cool cool
When this administration is starting to say there’s going to be some problems in the economy over the next year we should really buckle up. No way this messaging is being used because there’s going to be a lil hiccup here and there.
Cool cool cool
When this administration is starting to say there’s going to be some problems in the economy over the next year we should really buckle up. No way this messaging is being used because there’s going to be a lil hiccup here and there.
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—> https://www.wsj.com/economy/consume...4?st=SbesG6&reflink=desktopwebshare_permalink“… In the spring, economists surveyed by The Wall Street Journal said they expected inflation to hit 3.6% by the end of this year. Annual inflation clocked in at 3% in September compared with a year earlier, better than the most recent expectations.
… Wealthy Americans, whose finances are buoyed by a rocket-fueled stock market, absorb the sting and keep spending. But wage increases have slowed for middle- and working-class Americans, leaving many households struggling to pay their bills….”
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[cites energy and rents as declining] “… I think that we are on a glide path to lower inflation …”
"We're on a glide path to lower inflation "
and yet inflation is trending higher... sounds like fuzzy math to me
tarheelbillie
Distinguished Member
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MTG failed to mention how outrageous price of White House grift has gotten. Currently requesting $230millions.
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black gold down
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“… In the spring, economists surveyed by The Wall Street Journal said they expected inflation to hit 3.6% by the end of this year. Annual inflation clocked in at 3% in September compared with a year earlier, better than the most recent expectations.
… Wealthy Americans, whose finances are buoyed by a rocket-fueled stock market, absorb the sting and keep spending. But wage increases have slowed for middle- and working-class Americans, leaving many households struggling to pay their bills….”
A 10 or 20 percent equity market pullback could very well cause a recession. The top 20% of earners are propping up the economy, and a good bit of that spending will stop when/if markets drop. Then, it gets interesting...