s skippy the bush kangaroo: which came first, the bankruptcy or the eggs?

skippy the bush kangaroo



Tuesday, August 14, 2007

which came first, the bankruptcy or the eggs?

via the crone speaks, we find out that food prices have risen by double digits:

the labor department’s most recent inflation data showed that u.s. food prices rose by 4.1 percent for the 12 months ending in june, but a deeper look at the numbers reveals that the price of milk, eggs and other essentials in the american diet are actually rising by double digits.

already stung by a two-year rise in gasoline prices, american consumers now face sharply higher prices for foods they can’t do without. this little-known fact may go a long way to explaining why, despite healthy job statistics, americans remain glum about the economy.
but that's ok, you can always eat computers...

the bureau of labor statistics said in its june inflation report that egg prices are 19.5 percent higher than they were in june 2006. over the same period, according to the department’s consumer price index, whole milk was up 13.3 percent; fresh chicken 10 percent; navel oranges 19.8 percent; apples 11.7 percent. dried beans were up 11.5 percent, and white bread just missed double-digit growth, rising by 9.6 percent.

these numbers get lost in the broader inflation rate for all goods and services, which measured 2.7 for the same 12-month period. across the economy, rising food prices were offset by falling prices for things bought at the mall: computers, cameras, clothing and shoes.

“all of that stuff is going down in price, but prices for gasoline have gotten higher, and food prices have gone up,” said mark vitner, a senior economist for wachovia, a large national bank based in charlotte, n.c.
with a side of sneakers!

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posted by skippy at 1:47 PM |

3 Comments:

One of the most bizarre things about economic statistics is that you often hear a rate quoted "excluding the volatile food and energy prices." But that's the biggest thing people pay for outside of housing!
I don't see it getting better any time soon...

Looks like the shorts are going to pile on the downturn in the markets, without having to worry about the uptick rule.

I don't see the mortgage situation righting itself any time soon.
commented by Blogger PoliShifter, 4:35 PM PDT  
I keep hearing that milk is risiing because of the increased cost of feed grains because of the rise in demand for ethynol. If gas prices went down considerably or fuel economy rose, we could shrug off an increase in milk, eggs, etc. But that sure as shit ain't happening.

If we could only find a way to make cars run on defective items from China, we'd be in the clear.
commented by Anonymous sean on li, 5:37 AM PDT  

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