Oh boy. The poor drones at the BLS are going to have to get really creative over the coming months and years to keep the no inflation scam going. With beef prices surging to all-time highs (supply and demand actually works in a non-rigged marketplace) and up 13% in the last year, I wonder how the BLS will figure out how to report 0% food inflation? Maybe they’ll assume little old cat ladies are substituting their cats for hamburger, resulting in free food.
In case you hadn’t noticed, oil prices hit a 3 year HIGH today over $104 per barrel. The last time I checked, oil was somewhat important in the transportation realm and might factor into every item of food we purchase and every Chinese made trinket we buy at Wally World. And once Obama successfully kills coal, our electricity and natural gas expenses should really take a turn for the better.
But don’t worry about those insignificant everyday expenses for food and energy. The stock market hit a new high today and the .01% suggest you eat your iPads if you can’t afford the beef.