• The same people who told us to appreciate saving $0.16 on our July 4th BBQs last summer are now taking the official position there is no massive food inflation.  [DATA HERE]
  • “USDA, Economic Research Service (ERS) researchers project that prices for food-at-home, or food purchased typically from grocery stores or other food stores, will increase between 1.5 and 2.5 percent in 2022, lower than the 3.5-percent increase that occurred in both 2020 and 2021.  according to the Dept of Agriculture, “Retail food prices increased by a mere 3.5 percent in 2021, equal to the rate in 2020.”
  • 3.5% ?
  • You just cannot make this up.
  • Beef has doubled in price.  Bacon has gone up by 30% in the last quarter.  Milk has gone up by 40% in the past two months. Fish, eggs and poultry are between 30 to 60% higher than a year ago.  Fresh fruits and vegetables still rising in price.  Food producers have announced price increases in products from 8% to 60% in the next few months.  Beverages and sports drinks are rising 20% beginning in March.  Kraft Foods announced processed meat (lunchmeat) price increases up to 30% in a few weeks.  However, according to the USDA, these are not the droids you are looking for.

Source: theconservativetreehouse.com

Atlanta Fed Shocker: US Economy On Verge Of Contraction 

  •  the initial GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2022 to just 0.1 percent on January 28, i.e. on the verge of contraction.

Source: zerohedge.com