Friday, November 23, 2007

Inflation: What a Turkey

Barry Ritholtz often writes articles that I find accurate and pithy. This one, for example, describes how inflation is really beginning to rise it's ugly turkey head right at our holiday table.

turkey
[Thanks to www.anholt.co.uk for this delicious photo.]

How does 11 percent hit you? Right in the gut, no? That's for a 16-pound turkey, stuffing, potatoes, rolls, green peas, relish, milk, cranberries, cream, pie, and additional cooking ingredients. The price for all this at your local supermarket is now $42.26, compared to $38.10 in 2006.

The information comes from the American Farm Bureau Federation.

Opinions seem to differ as to whether this is more expensive than in 1986 when adjusted for inflation, the Farm Bureau both saying that it isn't, and demonstrating in a chart that it is. You can read one and see the other here.

And then to add to our holiday joy, you can read this article at the LA Times, informing us that milk has risen 32 percent this year, and a group of items including onions, eggs, sugar, flour and butter has gone up 25 percent. (Maybe if I hold the onions....)

I'm sure the Fed has some explanation for why their CPI figures only come up to a little over 3 percent. It can't be just the gasoline, can it? Or increased global demand? For Thanksgiving turkey?

Gobble gobble.

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