New inflation fears as two-thirds of Americans say beef and chicken prices have skyrocketed since – fr

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New inflation fears as two-thirds of Americans say beef and chicken prices have skyrocketed since – fr


According to a recent poll, two-thirds of Americans say the price of beef and chicken has skyrocketed since early 2021.

Of 2,200 Americans surveyed between May 17 and May 19, one-third say they spend more on groceries overall, Bloomberg reports.

Data shows that 65 percent of those polled think red meat is more expensive; 59 percent say chicken is. Toilet paper and fruit are more expensive according to 57% and 58% of Americans, respectively, according to the data.

Milk is more expensive according to 51 percent of respondents; for ready meals it is 50 percent of respondents and for seafood 49 percent.

A quarter said they are buying less red meat because of the price hike. Meat prices soared by up to 25% last spring, during the early days of the COVID-19 pandemic, when meat plans were hit by staff shortages caused by the virus.

They then fell, but data from Bloomberg suggests buyers are feeling the pinch again.

Morning Consult economist John Leer told Bloomberg: “We have these pockets of inflation with no corresponding wage growth, and that is going to put consumers in a very difficult position. ”

For Hispanic and black Americans, over 40% report spending more money on food since the start of 2021. For white Americans, the figure is 30%.

According to a recent poll, two-thirds of Americans say the price of beef and chicken has skyrocketed since early 2021. Of 2,200 Americans surveyed between May 17 and May 19, one-third say they spend more on groceries in the city. ‘together

Data from the start of the month has already shown that measures of inflation – or the prices of the goods and services we all pay – are rising much faster than experts like to see.

The average American should be concerned about inflation because it affects the value of his dollar: for every tick he goes up, his dollar is worth less.  A customer is pictured in Dallas

The average American should be concerned about inflation because it affects the value of his dollar: for every tick he goes up, his dollar is worth less. A customer is pictured in Dallas

Inflation is undermining the value of your dollar: here’s how it works

Have you ever gone shopping and noticed that the prices of the items you usually buy have gone up? If the items in your cart cost $ 100 last year and now cost $ 105, at a very basic level, that’s inflation.

Prices change all the time, but we are not saying there is inflation every time we see a price increase.

Instead, we say there is inflation when the prices of many of the things we buy go up at the same time and then keep going up.

So how do we know when inflation is occurring and by how much? We do this by looking at the prices of many items over time.

Government statistical agencies regularly collect information on the prices of thousands of goods and services.

They then organize the prices into categories such as “transportation” and “clothing”, they combine the prices in each category and report the results in various price indexes.

Price indices are just sets of prices.

For example, some indexes contain the prices of items purchased by consumers, while others contain the prices of items purchased by businesses.

Others contain prices only for goods, while others contain prices only for services, etc.

If the level of an index is higher now than it was a month or a year ago, this tells us that the prices in that index are higher on average, which tells us that it there is inflation.

Source: Federal Reserve Bank of Cleveland

Data from the start of the month has already shown that measures of inflation – or the prices of the goods and services we all pay – are rising much faster than experts like to see.

Data from the Bureau of Labor Statistics then shows that the average price of coffee has increased by almost 8 percent from last year, while the price of bread has increased by 11 percent.

The prices of the items all went up, unlike the paychecks.

Prices are likely to rise due to pent-up demand from people just emerging from a pandemic lockdown and overflowing with cash from stimulus payments.

There is also a tight supply of goods, as supply chains have been eroded – with some countries still battling the virus and not producing the amount of particular goods they normally would.

The prices of raw materials – like steel, wood, and cotton – that are used to make everything have also gone up.

Companies have already said they will pass the higher costs of these raw materials on to consumers.

The central question on Wall Street is whether the explosion of inflation hitting the economy as it recovers from the pandemic is just temporary or the start of a real problem.

The response threatens to shatter the incredible stock market record run that began in March 2020.

What is clear is that on Thursday, the average cost of regular gasoline jumped to $ 3.04 per gallon from $ 1.89 a year earlier. Used cars and trucks cost 21% more last month than a year ago. Air fares have increased by almost 10%.

According to monthly data from the Bureau of Labor Statistics Consumer Price Index, the average price of bacon was nearly $ 6 a pound in March – an 11 percent increase from last year.

Bread, on average, now costs $ 1.50 a pound, which is an 11% increase in one year. A pound of coffee costs $ 4.60, an 8% increase from a year ago.

The cost of a whole chicken has increased an average of 10 percent over the past year to $ 1.50 a pound.

Meanwhile, a dozen eggs, on average, now cost 6.5% more at $ 1.60 a dozen, while the cost of a gallon of milk is up 3%.

Bananas now cost around 60 cents a pound, which is a 3% increase. Oranges are up 8 percent and now cost around $ 1.20 a pound.

Many economists, as well as the Federal Reserve, say they don’t worry about all of this.

They are convinced that these rapid price gains will prove to be short-lived.

Reading the April inflation among all items and among the separate items

Reading the April inflation among all items and among the separate items

Data from the US Bureau of Labor Statistics shows that the consumer price index for all urban consumers (CPI-U) rose 0.8% in April;  it increased by 0.6% in March

Data from the US Bureau of Labor Statistics shows that the consumer price index for all urban consumers (CPI-U) rose 0.8% in April; it increased by 0.6% in March

If the experts are wrong, however, remember last month’s employment data, where economists’ forecasts were completely wrong? – it could devastate the economy and force the Fed to reverse its historically low interest rate policy and reduce bond purchases that stimulate the markets.

The average American should be concerned about inflation because it affects the value of his dollar: for every tick he goes up, his dollar is worth less.

Some inflation is good – because everyone wants a higher paycheck, for example – but when it rises too quickly, paychecks don’t keep up with price increases.

And when inflation gets out of hand – when it rises much faster than the 2% level the Federal Reserve has set as a general target – it can cause economic problems – even a recession.

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