Inflation is ballooning to a record-high this week at 9 percent. That is the number for the general economy, and believe it or not, it is not even the highest one.
Looking at each individual category, the price inflation for food is even greater - up 12 percent from last June. Even USDA Economist Matt Maclachlan was surprised to see inflation climb this high.
“It’s been about 41 years since we’ve realized this level of inflation. I was expecting some easing of the rate of increase,” says Maclachlan.
Inflation rates vary from product to product.
And now looking at how it is hitting the meat market, it is causing many people to change the way they shop. The beef index is up 4 percent, but that is the slowest year-over-year increase of all major proteins.
Consumers have shown they are turning to pork to save money, but even pork prices were up 9 percent from a year ago. One of the biggest price increases was hot dogs with a whopping 16.3 percent, showcasing that move toward more budget-friendly food.
The latest inflation numbers spell trouble for President Biden’s climate agenda. Climate regulations usually come at a cost, and some lawmakers, including Democratic Senator Joe Manchin, are no warning that with inflation, that cost is too great.
Manchin says, “No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire. Right now, the bill in the Senate includes substantial new funding for Farm Bill conservation programs.”
Related:
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Consumer Price Index jumps higher than expected; instills fear of looming recession
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Farmers urge caution against President Biden’s 30x30 conservation goals
