Due to all the problems in the supply chain caused by the lockdown orders, food prices are surging in a big way.
CNBC:
Prices Americans paid for eggs, meat, cereal and milk shot higher in April as people flocked to grocery stores to stock up on food amid government lockdowns designed to slow the spread of Covid-19.
The Labor Department reported Tuesday that prices U.S. consumers paid for groceries jumped 2.6% in April, the largest one-month pop since February 1974. The spike in supermarket prices was broad based and impacted items from broccoli and ham to oatmeal and tuna.
The price of the meats, poultry, fish and eggs category rose 4.3%, fruits and vegetables climbed 1.5%, cereals and bakery products advanced 2.9%, and dairy goods gained 1.5%.
The grocery numbers stand in stark contrast to the broader trend in U.S. prices, which fell 0.8% in April and clinched their largest one-month decline since 2008 as a swoon in oil and gasoline dragged the headline CPI number lower.
“Food price gains were robust as we know there are empty shelves out there,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in an email. “Demand we know in most areas of the economy has collapsed and prices are falling in response.”
Don’t worry though, I’m sure the government has a solid plan to ensure that nobody starves to death. You shouldn’t worry about not having a job while food prices are rising massively. The government will take care of you because the government is your mommy and daddy now.
And if you dare question the competency of government you are selfish and probably a criminal.
Remember, we are all in this together. #AmericaStrong
