Grocery prices seem to be rising faster than the government reports. A study from Purdue University reveals that many people think prices are increasing more rapidly than official figures suggest, even though those numbers aren’t rising too quickly.
In the summer of 2022, food prices shot up, reaching an annual inflation rate of 11%. But since then, they’ve calmed down to levels we saw before the pandemic. Recent official data shows a 2.1% increase from last year. However, despite this slowdown, many consumers still feel that prices are much higher than what’s officially reported.
Purdue’s February Consumer Food Insights Report dives into food price inflation and how consumers perceive these higher prices.
“It’s not just food prices that are higher,” said Joe Balagtas, a professor in the College of Agriculture’s Department. “Prices across the economy are higher. When your rent or housing payment rises, that leaves less money for food.”
Balagtas also mentioned that consumers often see economic data based on political beliefs.
“Among self-identified Republicans, seventy-one percent think prices will rise in the coming year,” he said. “Among self-identified Democrats, only fifty-six percent think food prices will rise in the coming year.”
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“Prices across the economy are higher. When your rent or housing payment rises, that leaves less money for food.”
No kidding? That still doesn’t make the price tag on food bigger, nor does anyone legitimately say it does. “My electric bill is making my milk more expensive” said no one, ever.
“Among self-identified Republicans, seventy-one percent think prices will rise in the coming year,” he said. “Among self-identified Democrats, only fifty-six percent think food prices will rise in the coming year.”
Democrats believe the MSM parrots when they say the economy is fine and that the price hikes were just “corporate greed”. Republicans know that this inflation is systemic, and additionally the “war on energy” is going to drive food costs up. In other words, people who think for themselves understand that food prices are going to continue to rise.