MCViewPoint

Opinion from a Libertarian ViewPoint

EconomicPolicyJournal.com: 7 Product Categories Being Slammed by Price Inflation

Posted by M. C. on May 22, 2021

https://www.economicpolicyjournal.com/2021/05/7-product-categories-being-slammed-by.html

The cost of grocery items has climbed 2.4% overall in the last year, but the jump in retail meat prices has been much more dramatic. Compared to April 2020, pork prices are up 11%, bacon prices are up 16.3%, and beef prices are up 4.8%. Poultry prices are 11% higher than last year. The price for wings, which hit a record $2.92 per pound is 180% higher than they were in early 2020. 

After hitting historic lows in 2020, the average price of a gallon of gasoline in the U.S. has risen above $3 for the first time since 2014, according to the AAA.

House price bids are coming in above the asking price, sight unseen. The average house is up 33.9% on a year-on-year basis.

The price for lumber has soared by 377% in the last year, adding as much as $36,000 to the price of a newly built home.

 Retail prices for electronics have recently started to climb, too, led by the price of big screen TVs, which are 30% more expensive than they were last year. 

Used cars and truck prices increased by 10% just last month, and are up 21% over the last 12 months.

The price of renting a car was up 16.2% last month.

It is only the beginning folks, there is much more to come, especially if the Federal Reserve continues its mad money printing.   –RW
(via LifeHacker)

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