Market Watch is finally paying attention to "real inflation" not this "pie-in-the-sky" 1.8% rate we hear most of the media and government touting:
HEMPSTEAD, N.Y. (MarketWatch) -- Just when you thought it was safe to stop worrying about inflation, along come higher food prices to change your mind.
Nowadays, lots of attention is being paid to falling energy prices and their impact on the overall price level. With the price of crude oil slipping below $60 a barrel on Monday, down from over $75 less than two months ago, many pundits, politicians and the press are hoping that the Federal Reserve will soon declare victory over inflation and start cutting interest rates.
Not so fast. There's a little matter of rising food prices that needs to be reckoned with. And, as you know, food is every bit as important as energy.
The Commodity Research Bureau reports that spot prices of foodstuffs have jumped 14% over the past six months; 8% since June alone. At the wholesale level, prices of finished foods rose at an annual rate of nearly 17% in August, according to the Bureau of Labor Statistics, while retail prices of meats, poultry, fish, eggs, fruits and vegetables went up at more than a 12% annual rate last month.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.