Foodflation hikes most since 1980

Discussion in 'Financial Cents' started by Ardent Listener, Jan 17, 2009.

  1. Ardent Listener

    Ardent Listener Monkey+++

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    Grocery-store prices hikes most since 1980
    Manufacturers plan more increases, but grocers aim to temper rise
    By Matt Andrejczak, MarketWatch
    Last update: 2:09 p.m. EST Jan. 16, 2009Comments: 270SAN FRANCISCO (MarketWatch) -- Grocery-store food prices jumped 6.6% in 2008, the largest annual spike since 1980, the Labor Department said Friday.
    By food category, prices for cereal and baked goods hit consumers the hardest, rising 11.7% over 2007, followed by prices for meats, poultry, fish and eggs, which gained 5.1%. Fruits and vegetable rose 3.4%, while dairy products advanced 2.7% in price.
    Video: Latest CPI Data Signals Risk of Deflation
    WSJ's Phil Izzo and Kelly Evans talk about the consumer price index and the fallout from the events of 2008's decrease in spending. They discuss the threat of deflation and what it will mean to the economy.It was the second straight year shoppers paid a heftier price for a bag of groceries. In 2007, food prices at supermarkets rose 5.6% over 2006, a year when prices rose a meager 1.4%.
    In 2008, food makers battled the largest spike in commodities they've ever faced, walloped by duel increases in key food ingredients and fuel, which all marched to historic highs in July. This took a beating on Pilgrim's Pride (PGPDQ:pilgrim's Pride Corporation................. continued
  2. Tacman

    Tacman "We The People"

    Been trying to tell friends and family this was happening. Many people cannot comprehend the concept of loosing value of your dollars by letting them sit in the bank. I can't tell you how many times I have heard from people that the economy is so bad they are saving every penny they can and putting it in the bank.

    Try to explain to people that getting a half point on the money in the bank while food on the shelves in the stores goes up by 10% equals a loss of of 9.5% long term.

    To bad. Some good people other than being in condition white all the time and still using credit cards and walking around with $50K in the bank. Hope I don't have to shoot to many of them when they find my house in SHTF. Can't say I didn't warn them.
  3. overbore

    overbore Monkey++

    If you think Warren Buffet knows anything about our fiscal mess--- try absorbing this recent quote: "This is our fiscal Pearl Harbor". [shtf]

  4. RouteClearance

    RouteClearance Monkey+++

    Problem is, the "Sleeping Giant" will not be able to fix this one.

    We are following the same exact pattern set forth by Athena and Rome. We are at the stage of going from a Republic to an Anarchical state. Which will be followed by an Oligarchy.
  5. QuietOne

    QuietOne Monkey++

    I see you've read Toynbee. Who do you think will be appointed dictator "for the duration of the emergency"? Obama or his successor?
  6. BAT1

    BAT1 Cowboys know no fear

    Wait until Hyperinflation replaces Deflation. A loaf of bread for a days wages. Better stock up on the 50 trilion dollar notes.
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