Gas hit $4.39 for regular at the Sunoco station on Long Island today. It’s been soaring steadily but Democrats are now pretending Russia is responsible. Bidenomics is responsible and the war will make it worse.
Bidenomics – High Energy Costs, Unsolved Supply Chain Problems, and Wild Spending But Blame Putin
There’s nothing immune from price increases, including produce, dairy, and packaged food such as bread and juice.
Food prices are estimated to rise 5% [but it will be higher] in the first half of 2022, according to research firm IRI, though the level of increases will vary by grocers and regions.
Mondelez International Inc. said at the end of last year that it was raising prices across cookies, candy, and other products sold in the U.S. by 6% to 7% starting in January. General Mills Inc. and Campbell Soup Co. said their price increases also would take effect in January. Kraft Heinz Co. told retailer customers that it would raise prices across many of its products including Jell-O pudding and Grey Poupon mustard, with some items going up as much as 20%, according to a memo viewed by The Wall Street Journal.
Mike Lee and his team, including senior economist Jackie Benson, found households in his home state of Utah and the Mountain West region are facing inflation rates of around 9%, adding an extra $511 in costs monthly. In the Pacific, costs are $412 more, while the West North and East North Central, as well as New England and East South Central, are seeing costs of more than $300.
“We also see President Biden doubling down on the same things that have failed. Doubling down on the need for more Federal spending that has caused inflation to skyrocket” said Lee wrote a Twitter response following the State of the Union.
— Mike Lee (@SenMikeLee) March 2, 2022
Regional Inflation – Households Paying More Monthly
- Mountain: +9% or $511
- Pacific: +7.3% $412
- West North Central: +7.9% $396
- East North Central: +7.9% $391
- New England +6.6% $377
- East South Central: +6.9% $331
AT THE SAME TIME WAR WILL MAKE IT WORSE
World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 20.7% increase year-on-year, the U.N. food agency said on Friday. They originally said it was 24% but adjusted it downward.
The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 140.7 points last month against a downwardly revised 135.4 in January. That figure was previously given as 135.7.
And it’s only going to get worse.
The February rise was led by large increases in vegetable oil and dairy price sub-indices. Cereals and meat prices were also up, while the sugar price sub-index fell for the third consecutive month.