According to a report by ZeroHedge, grocery prices have risen more than 20% since President Joe Biden took office, forcing consumers to resort to credit card debt:
“The story of the 2020s so far has been accelerated debt growth at the public and private level. We’re talking private today. Red-hot consumer price growth for 3 years has driven an unprecedented increase in the volume of credit card balances.
“The food-at-home bucket of the CPI tracks:
- Cereals and Bakery Products: Bread, cereals, rice, flour, and prepared mixes.
- Meats, Poultry, Fish, and Eggs: Beef, pork, poultry, fish, and eggs.
- Dairy and Related Products: Milk, cheese, butter, yogurt, and other dairy products.
- Fruits and Vegetables: Fresh fruits, fresh vegetables, canned and frozen fruits and vegetables, and fruit juices.
- Nonalcoholic Beverages and Beverage Materials: Coffee, tea, carbonated drinks, fruit drinks, and other nonalcoholic beverages.
- Other Food at Home: Sugar, sweets, fats and oils, snacks, condiments, spices, baby food, and other miscellaneous food items.
“Broadly, this part of the index tracks prices at the grocery store. It has risen 21.2% since Joe Biden took office in 2021. Grocery prices for essential items are up much more than the broad basket suggests. Due to the weighting of the basket, it’s generally considered inaccurate for what you actually wind up putting in your cart and taking to the checkout. The consensus, non-BLS view, is that prices at the grocery stores are up anywhere from 1.5x to 2x over the last 3-year period, and that’s a conservative estimate.
“Take orange juice, as an extreme example. It has risen 339%, or close to 4.5x, in the three years since the sitting President took office. For a necessity in most people’s shopping carts to have risen this much is highly abnormal, and it has squeezed consumers (pun intended) of what little excess cash they may have saved aside from their regular salary in order to keep the same items in their cart.”
To read the entire article on ZeroHedge, please click HERE.