Friday’s inflation report was such a disaster not only because it was worse than expected, but because of how widespread the rising costs were. In previous months of high inflation, there were some goods that were starting to go down in price. In May, however, there were across-the-board increases. One area that really hits home (quite literally) is the staggering increase in the prices of food, which are up 10.1 percent compared with last May overall. Below, I have included a chart with a selection of grocery staples to see just how impossible it is for any consumer to avoid the inflation pinch.
Starting with breakfast, eggs are up 32.2 percent, bacon is up 15.3 percent (as is coffee), cereal is up 12.2 percent, and whole milk has shot up 16.9 percent.
Packing lunch for a kid? Bread is up 8.7 percent, peanut butter is up 12.1 percent, and lunch meats are up 16.8 percent.
Like eating meat for dinner? Well, chicken is up 17.4 percent, and ground beef is up 12.6 percent. Prefer something lighter? Too bad, because fresh fish is up 13.1 percent, and lettuce is up 11.4 percent.
Home baker? Well, flour is up 13.7 percent.
This is a good indication of why no amount of spin is going to make this problem go away for President Biden. It affects everybody, especially those who were struggling to make ends meet in more normal times.
