Prices of ground beef and milk are soaring; both are hitting all-time highs. According to the Bureau of Labor Statistics' numbers, the price for a pound of ground beef has climbed by 88% over the past five years.
While the overall Consumer Price Index declined in August, the decline was largely due to a drop in the energy indexes which offset increases in food and shelter.
By Ali Meyer
Excerpt:
(CNSNews.com) – Although the overall Consumer Price Index dropped by 0.2 percent in August, the price index for food rose 0.2 percent, with the average price for a pound of ground beef rising to $4.013 per pound–the first time it has ever topped $4 per pound.
In July, according to the Bureau of Labor Statistics, the average price for a pound of ground beef had been $3.884 per pound—which was the record price up to that point. From July to August, the average price jumped 12.9 cents, an increase of 3.3 percent in one month.
Got (Record-High-Priced) Milk?
By ZeroHedge. View original post here.
Hot on the heels of yesterday's low PPI and this morning's falling CPI, we thought it worth noting (given The Fed's pre-occupation that inflation is running too low) that the price of milk – that staple of the American diet – just hit an all-time high. Nope, no inflation here…
As an aside, while correlation is not causation, the price of milk and the growth of the Fed Balance Sheet have an 82% correlation since March 2009.
Chart: Bloomberg
