Consumers are paying higher costs for just about everything.
Customers shop for meat at a supermarket on June 10, 2021 in Chicago, Illinois. Inflation rose 5% in the 12-month period ending in May, the biggest jump since August 2008. Food prices rose 2.2 percent for the same period.Atlanta Fed President Raphael Bostic said this past week inflationary pressures may be stronger and more durable than previously thought, and his counterpart in St. Louis, James Bullard, also said he's growing concerned.
However, prolonged readings around the levels in the past two months – April's core PCE increased 3.1% -- might force the Fed's hand. As things stand, officials have begun discussing whether to reduce the $120 billion minimum bond purchases each month, though they still aren't read to talk rate hikes until at least 2023.
Restaurant chain owner Darden, which counts Olive Garden among its properties, a few days ago said its outlook for 2022 was a 3% inflation hit, with dairy and seafood costs expected to increase in high-single digits and chicken and wheat to experience mid-single digit hits. The official, who spoke on condition of anonymity, said market pricing is responding to the idea that inflation will fade and that the current round is transitory with big numbers inflated by base effects.
Is it really inflation or something else…Pandemonics. paulkrugman How many Pandemics have we had in the last 100 years. (CDCgov has been around 70 of the last 100 years protecting Us. Then a failed realtor ruined it.)
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