Good news I guess. But my electricity price literally doubled. My house insurance is up 30%. My gas bill is up by a lot. Have you seen the price of oreos? The $5 box at Taco Bell is my splurge and I'm trying to cut back on everything I can.
Next year food will be far higher, largely due to
- people skipping fertilizer a second year in a row
- the feed price increases from year prior will impact next years meat
- much of the cow herds have been reduced due to hay prices skyrocketing (but beef rates staying far lower, due to sell offs)
- if Ukraine doesn’t surrender, we can expect less food production and potential oil disruption to center Europe
- Russia is not likely to renew trade relationships baring a reparations for seizing assets. They produce much of the fertilizer and oil
- 10% reduction in nitrogen targets for EU countries and Canada will further reduce food production
Yeah, a drop here or there isn’t indicative of a major change in inflation. I don’t see how we can get lower general inflation in the next 3+ years. FED has said as much.
In way of an explanation, hay prices have tripled. It’s expected they’ll at least double again tin the next 12 months. That’s one of the feed for cattle. That’s a 6x expected increase to feed cattle (the largest expense). To put it in perspective, that’s likely going to mean $12-20/lb ground beef; $25-$30/lb steak in 18 months.