Inflation

[George K]

Eurozone Inflation Rate Rises to 10.7% as Recession Looms

The annual rate of consumer-price inflation in the eurozone increased to double digits in October, reaching a record and highlighting the challenges facing the European Central Bank after it signaled a coming slowdown in the pace of its rate increases.

The broad measure of consumer prices has risen sharply since Russia’s invasion of Ukraine and Moscow’s decision to throttle natural gas supplies to Europe to undermine Western support for Kyiv. By mid-September, Russia had cut its supplies to 80% of their year-earlier total.

Europe has had to look elsewhere for gas supplies, and paid much higher prices. While storage levels are now high, and gas prices on world markets have fallen from their peaks, household energy bills lag behind those moves and are much higher than a year earlier, as are food prices.

As a result of these pressures, inflation in the region has overtaken the level in the U.S. Now it is fueling demand for higher pay in the most affected countries, which could in turn feed into further price rises.

The European Union’s statistics agency Monday said consumer prices were 10.7% higher in October than a year earlier, the fastest rate of increase since records began in 1997, two years before the euro was launched. However, national records go back further, and Germany’s measure of inflation was the highest since December 1951.

[taiwan_girl]

@George-K Blame it on President Biden!! LOL

[Jolly]

@taiwan_girl Don't worry, we will.

[Mik]

Every single thing at the grocery store is up at least 50%.

[LuFins Dad]

@89th said in Inflation:

Yup, very much noticeable at the grocery store.

It's also a shame how prices have gone up for everything else, even if they aren't impacted by supply chain or other reasons. It's a game of "I can charge more because my neighbor is charging more".

Uhm, no. I expected a little more out of you.

1. EVERYTHING is effected by the cost of diesel. There’s not a single product that isn’t.

2. Even if you don’t have a product that’s price has been impacted by supply line or fuel costs, EVERYTHING is still impacted by wage inflation. Wages are skyrocketing. Now that Starbucks Baristas are making $20 per hour, I have to pay my piano movers $40 an hour since their jobs are for more physically demanding and require far more training and skill. That means my rates for delivery have to go up from $250 per upright piano delivery to $325. By the time I’m done paying them, their employment taxes, and the elevated fuel costs, I’m making less per delivery than I was a year ago at $250.

3. Even if your product wasn’t disrupted by supply issues… Even if your product and services weren’t effected by wage inflation… Even if your product and services weren’t effected by the cost of diesel… We’re going into a period of incredible inflation and economic stagnation. In those economic conditions a business has to improve and protect their profit margins. They will have to get by with less business overall…

[Horace]

@LuFins-Dad said in Inflation:

@89th said in Inflation:

Yup, very much noticeable at the grocery store.

It's also a shame how prices have gone up for everything else, even if they aren't impacted by supply chain or other reasons. It's a game of "I can charge more because my neighbor is charging more".

Uhm, no. I expected a little more out of you.

Me too, 89th. I expected more out of you too. I will never stop expecting more of you. It’s how you know I care.

#ToughLove

[George K]

@LuFins-Dad said in Inflation:

@LuFins-Dad said in Inflation:

Remember the Farm Bureau’s .14 cent 4th of July?

They’re back…

https://www.fb.org/newsroom/farm-bureau-survey-shows-thanksgiving-dinner-cost-up-14

Can’t wait to see this year’s number.

https://www.fb.org/newsroom/farm-bureau-survey-shows-thanksgiving-dinner-cost-up-20

[jon-nyc]

@George-K

Here that Turkey is $11, which brings the total to $53. Which means it’s a hair less expensive than 2021

[Mik]

Bet that $11 turkey sucks.

[jon-nyc]

Shady brook farms, it won’t be bad.

I think stop and shop has it as a loss leader hoping we’ll get everything else there.

[Mik]

Of course, it IS turkey, so it can only be so good. Not my favorite fowl.

[George K]

Frozen

Butterball at Jewel is 99¢ a pound here.
"Open Nature" is $2.19.
"Jennie-O" is 59¢.

Kroger is 59¢
Butterball is 88¢ (interesting)

Fresh Butterball is $1.99

[jon-nyc]

This was fresh.

Also, it’s $2.49/lb without the store discount club membership

[LuFins Dad]

@jon-nyc said in Inflation:

@George-K

Here that Turkey is $11, which brings the total to $53. Which means it’s a hair less expensive than 2021

What’s the size?

[George K]

@LuFins-Dad said in Inflation:

@jon-nyc said in Inflation:

@George-K

Here that Turkey is $11, which brings the total to $53. Which means it’s a hair less expensive than 2021

What’s the size?

@jon-nyc said the turkey is $2.49/lb

If the turkey is $11.00, well that's a 4.4 lb turkey.

[jon-nyc]

@LuFins-Dad

No, if got it for 69c a pound using my store card. It’s 13 lbs.

It would have been 2.49/lb without my store card.

[George K]

@jon-nyc said in Inflation:

It would have been 2.49/lb without my store card.

Or about $40.

ETA: The fresh Butterball ($1.99) I posted is more expensive than the chart from the Farm Bureau ($1.81).

[LuFins Dad]

We spent about $4 a pound for our bird. Organic, non-gmo, free range, and fed truffles every day while listening to Italian Arias…

[LuFins Dad]

By the way, do we feel better if birds are free range? I mean, they are living their best lives when somebody cuts their lives short with an axe…

Birds living in those overcrowded pens? When death comes for them it’s a release… Freedom from their pain and suffering…

[Jolly]

The ultimate would be to raise your own free-range turkey.