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Inflation!!!!

pgwenthold

Penultimate Amazing
Joined
Sep 19, 2001
Messages
21,713
With all the talk about inflation right now (including those claims that it was at a "historic high" (yeah, some morons actually claimed that)), I thought it might be interesting to compare the US inflation rate to the rest of the world. Because, you know, Biden caused it all.

So here's inflation rates in Europe in May 2023
Liechtenstein 2.2 2.6 May/23 %
Switzerland 2.2 2.6 May/23 %
Russia 2.5 2.3 May/23 %
Greece 2.8 3 May/23 %
Denmark 2.9 5.3 May/23 %
Cyprus 3 3.7 May/23 %
Spain 3.2 4.1 May/23 %
Luxembourg 3.6 3.7 May/23 %
Belarus 3.7 4.7 May/23 %
Portugal 4 5.7 May/23 %
Albania 4.7 4.6 May/23 %
France 5.1 5.9 May/23 %
Belgium 5.2 5.6 May/23 %
Kosovo 5.5 6.3 May/23 %
Euro Area 6.1 7 May/23 %
Germany 6.1 7.2 May/23 %
Netherlands 6.1 5.2 May/23 %
Malta 6.4 7.1 Apr/23 %
Ireland 6.6 7.2 May/23 %
Norway 6.7 6.4 May/23 %
Italy 7.6 8.2 May/23 %
Bosnia and Herzegovina 7.9 10.3 Apr/23 %
Croatia 7.9 8.9 May/23 %
Finland 7.9 7.9 Apr/23 %
European Union 8.1 8.3 Apr/23 %
Faroe Islands 8.3 10.1 Mar/23 %
Slovenia 8.4 9.4 May/23 %
Montenegro 8.6 10.5 Apr/23 %
United Kingdom 8.7 10.1 Apr/23 %
Austria 8.8 9.7 May/23 %
Iceland 9.5 9.9 May/23 %
Sweden 10.5 10.6 Apr/23 %
Romania 10.64 11.23 May/23 %
Czech Republic 11.1 12.7 May/23 %
Estonia 11.3 13.5 May/23 %
Macedonia 11.3 13 May/23 %
Bulgaria 11.6 14 Apr/23 %
Lithuania 11.7 14.5 May/23 %
Latvia 12.1 15.1 May/23 %
Poland 13 14.7 May/23 %
Slovakia 13.8 14.8 Apr/23 %
Serbia 14.8 15.1 May/23 %
Ukraine 15.3 17.9 May/23 %

(sorry, I'm not going to format a table)

I left the Ukraine in, but took out some of the crazy ones (what the heck is going on in Turkey? 36% inflation?)

So the most recently announced US inflation is 4.0 for May. That's basically tied with Portugal as the 10th best in Europe.

I suppose it's Biden's fault that the US inflation rate is better than 75% of European countries?

Here's the G20
China 0.2 0.1 May/23 %
Switzerland 2.2 2.6 May/23 %
Russia 2.5 2.3 May/23 %
Saudi Arabia 2.7 2.7 Apr/23 %
Spain 3.2 4.1 May/23 %
South Korea 3.3 4.2 May/23 %
Japan 3.5 3.2 Apr/23 %
Brazil 3.94 4.18 May/23 %
Indonesia 4 4.33 May/23 %
United States 4 4.9 May/23 %
India 4.25 4.7 May/23 %
Canada 4.4 4.3 Apr/23 %
France 5.1 5.9 May/23 %
Singapore 5.7 5.5 Apr/23 %
Mexico 5.84 6.25 May/23 %
Euro Area 6.1 7 May/23 %
Germany 6.1 7.2 May/23 %
Netherlands 6.1 5.2 May/23 %
South Africa 6.8 7.1 Apr/23 %
Australia 7 7.8 Mar/23 %
Italy 7.6 8.2 May/23 %
United Kingdom 8.7 10.1 Apr/23 %

(I took out Turkey and Argentina)

So better than half of the G20 countries. I don't know a lot about international politics, but the President of Spain is, like, a socialist, right (the PSOE?)? And the UK is led by the right wingers, right? And Italy is right-wing led, right? Although I don't know if there is a correlation.

But It doesn't look like the US is doing worse than other places. Thanks, Brandon.
 
With all the talk about inflation right now (including those claims that it was at a "historic high" (yeah, some morons actually claimed that)), I thought it might be interesting to compare the US inflation rate to the rest of the world. Because, you know, Biden caused it all.

So here's inflation rates in Europe in May 2023
Liechtenstein 2.2 2.6 May/23 %
Switzerland 2.2 2.6 May/23 %
Russia 2.5 2.3 May/23 %
Greece 2.8 3 May/23 %
Denmark 2.9 5.3 May/23 %
Cyprus 3 3.7 May/23 %
Spain 3.2 4.1 May/23 %
Luxembourg 3.6 3.7 May/23 %
Belarus 3.7 4.7 May/23 %
Portugal 4 5.7 May/23 %
Albania 4.7 4.6 May/23 %
France 5.1 5.9 May/23 %
Belgium 5.2 5.6 May/23 %
Kosovo 5.5 6.3 May/23 %
Euro Area 6.1 7 May/23 %
Germany 6.1 7.2 May/23 %
Netherlands 6.1 5.2 May/23 %
Malta 6.4 7.1 Apr/23 %
Ireland 6.6 7.2 May/23 %
Norway 6.7 6.4 May/23 %
Italy 7.6 8.2 May/23 %
Bosnia and Herzegovina 7.9 10.3 Apr/23 %
Croatia 7.9 8.9 May/23 %
Finland 7.9 7.9 Apr/23 %
European Union 8.1 8.3 Apr/23 %
Faroe Islands 8.3 10.1 Mar/23 %
Slovenia 8.4 9.4 May/23 %
Montenegro 8.6 10.5 Apr/23 %
United Kingdom 8.7 10.1 Apr/23 %
Austria 8.8 9.7 May/23 %
Iceland 9.5 9.9 May/23 %
Sweden 10.5 10.6 Apr/23 %
Romania 10.64 11.23 May/23 %
Czech Republic 11.1 12.7 May/23 %
Estonia 11.3 13.5 May/23 %
Macedonia 11.3 13 May/23 %
Bulgaria 11.6 14 Apr/23 %
Lithuania 11.7 14.5 May/23 %
Latvia 12.1 15.1 May/23 %
Poland 13 14.7 May/23 %
Slovakia 13.8 14.8 Apr/23 %
Serbia 14.8 15.1 May/23 %
Ukraine 15.3 17.9 May/23 %

(sorry, I'm not going to format a table)

I left the Ukraine in, but took out some of the crazy ones (what the heck is going on in Turkey? 36% inflation?)

So the most recently announced US inflation is 4.0 for May. That's basically tied with Portugal as the 10th best in Europe.

I suppose it's Biden's fault that the US inflation rate is better than 75% of European countries?

Here's the G20
China 0.2 0.1 May/23 %
Switzerland 2.2 2.6 May/23 %
Russia 2.5 2.3 May/23 %
Saudi Arabia 2.7 2.7 Apr/23 %
Spain 3.2 4.1 May/23 %
South Korea 3.3 4.2 May/23 %
Japan 3.5 3.2 Apr/23 %
Brazil 3.94 4.18 May/23 %
Indonesia 4 4.33 May/23 %
United States 4 4.9 May/23 %
India 4.25 4.7 May/23 %
Canada 4.4 4.3 Apr/23 %
France 5.1 5.9 May/23 %
Singapore 5.7 5.5 Apr/23 %
Mexico 5.84 6.25 May/23 %
Euro Area 6.1 7 May/23 %
Germany 6.1 7.2 May/23 %
Netherlands 6.1 5.2 May/23 %
South Africa 6.8 7.1 Apr/23 %
Australia 7 7.8 Mar/23 %
Italy 7.6 8.2 May/23 %
United Kingdom 8.7 10.1 Apr/23 %

(I took out Turkey and Argentina)

So better than half of the G20 countries. I don't know a lot about international politics, but the President of Spain is, like, a socialist, right (the PSOE?)? And the UK is led by the right wingers, right? And Italy is right-wing led, right? Although I don't know if there is a correlation.

But It doesn't look like the US is doing worse than other places. Thanks, Brandon.

Lol Sunak is a pinko-commie compared to the politics of the average MAGA person.

I was perusing the comments section on the finance.yahoo.com article about inflation and its just wailing and mashing of teeth by right wingers. Its IMPOSIBBLE THAT BIDEN DID SOMETHING GOOD! THEY ARE STILL PAYING MORE FOR GAS THAN IN 2020!!! EGG PRICES ARE STILL SUPER HIGH IN THEIR AREA (this is somehow Bidens fault!).
 
I'm still paying 50% to double and more what I was paying for many building materials compared to the start of COVID. Even paying close to double for coffee.

It's not that we think we are so much worse off than Europe, I think. It's that many of us smell corporate gouging, which, as Americans, we smell a lot. The capitalist market is not as competitive as some like to think. It's more about who can jack their junk the highest and maintain a market share.
 
I'm still paying 50% to double and more what I was paying for many building materials compared to the start of COVID. Even paying close to double for coffee.

It's not that we think we are so much worse off than Europe, I think. It's that many of us smell corporate gouging, which, as Americans, we smell a lot. The capitalist market is not as competitive as some like to think. It's more about who can jack their junk the highest and maintain a market share.

Funnily enough Biden policies might be contributing to high steel prices, because his construction initiates are resulting in... you guessed it... more construction in the USA. Which means more demand for building materials. This should not be a bad thing though.

https://www.dailykos.com/stories/20...acturing-plants-is-undergoing-an-immense-boom
 
I'm still paying 50% to double and more what I was paying for many building materials compared to the start of COVID. Even paying close to double for coffee.

It's not that we think we are so much worse off than Europe, I think. It's that many of us smell corporate gouging, which, as Americans, we smell a lot. The capitalist market is not as competitive as some like to think. It's more about who can jack their junk the highest and maintain a market share.

"Greedflation" was treated as a lefty/progressive magical thinking earlier on, but even mainstream economic analysis is coming around to recognizing that corporations are just price gouging.

Basically an unspoken agreement among these competitors to not compete on price, even as demand slackens and covid era supply problems are resolved.

Some of those forces have eased, but prices haven't. Economist Isabella has a theory about this. She calls it 'sellers’ inflation.'

"This was considered kind of fringe idea. Because I think it in many ways doesn’t fit with the macroeconomic framework that economists tend to have on their minds," Isabella Weber, assistant professor of economics at the University of Massachusetts, Amherst, says.

But Weber says businesses are now keeping prices high, simply because they can.

"The danger is that corporations have now learned how this works, they know that if they are hiking prices their competitors are also hiking prices in this kind of situation," Weber says.

https://www.wbur.org/onpoint/2023/06/02/greedflation-a-once-fringe-theory-of-inflation-gains-momentum

Even the commies over at WSJ are calling it:

Why Is Inflation So Sticky? It Could Be Corporate Profits
Some companies might have been raising prices faster than their costs have increased

https://www.wsj.com/articles/why-is-inflation-so-sticky-it-could-be-corporate-profits-b78d90b7
 
Basically an unspoken agreement among these competitors to not compete on price, even as demand slackens and covid era supply problems are resolved.
'Unspoken' agreement? I'm calling BS on this.

You mean a company looks at what others are selling stuff for and adjusts their prices accordingly? That's capitalism, baby!

We keep hearing about how corporations are making huge profits in eg. the food industry. For example:-

Time - How Food Companies’ Massive Profits Are Making Your Groceries More Expensive
Tyson Foods, the largest meat company in the U.S., more than doubled its profits between the first quarters of 2021 and 2022.
The cads!

Then you look at the actual numbers:-

Year Net Profit
2019 1.48%
2020 -0.99%
2021 0.56%
2022 0.71%

Just look that price gouging! Why, they could have dropped their prices by a whole 0.7% and still made a profit!!!

And now we have this:-
Tyson Foods shares plunge after surprise loss, revenue forecast cut
May 9, 2023

Tyson Foods Inc (TSN.N) shares plunged 16% to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast amid slowing consumer demand.

The weaker-than-expected results indicate cash-strapped shoppers are cutting back on meat spending in a high-inflation environment while a shrinking cattle herd forces Tyson to pay more for livestock, eroding margins. Tyson also continues to struggle with increased expenses for staples like animal feed.

So now all the critics will congratulate Tyson for selling food at less than what it cost them to produce, right? I bet they don't.
 
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'Unspoken' agreement? I'm calling BS on this.

You mean a company looks at what others are selling stuff for and adjusts their prices accordingly? That's capitalism, baby!

We keep hearing about how corporations are making huge profits in eg. the food industry. For example:-

Time - How Food Companies’ Massive Profits Are Making Your Groceries More Expensive
The cads!

Then you look at the actual numbers:-

Year Net Profit
2019 1.48%
2020 -0.99%
2021 0.56%
2022 0.71%

Just look that price gouging! Why, they could have dropped their prices by a whole 0.7% and still made a profit!!!

And now we have this:-
Tyson Foods shares plunge after surprise loss, revenue forecast cut


So now all the critics will congratulate Tyson for selling food at less than what it cost them to produce, right? I bet they don't.

Consumers are responding to price jacking by tightening their belts. I expect the greedflation is having a lot of negative knock-on effects on consumer spending. Meat in every meal is a luxury that is an obvious place for cash-strapped households to start making cost-saving cuts.

If staple food products are getting more expensive, it's not shocking that more expensive luxuries like meat are taking a beating as the market reacts accordingly.
 
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It appears to be Beyoncé's fault:

As fans from around the world spent money to witness the kick off of the star’s tour in Sweden, they may have caused the country’s inflation rate to stay higher than expected.

In Europe’s relentless battle against inflation, another culprit has apparently emerged: Beyoncé.
Last month, as the star kicked off her world tour in Stockholm, fans flocked from around the world to witness the shows, pushing up prices for hotel rooms. This could explain some of the reason Sweden’s inflation rate was higher than expected in May.
The Unexpected Beyoncé Effect: Hotter Inflation (NYT, June 15, 2023)
 
Consumers are responding to price jacking by tightening their belts. I expect the greedflation is having a lot of negative knock-on effects on consumer spending. Meat in every meal is a luxury that is an obvious place for cash-strapped households to start making cost-saving cuts.
Meat has higher food value than many other products, so you don't need so much of it. But most Americans overeat anyway. If they cut back it will improve their health!

You call price increases 'jacking' and 'greed' even after I showed that in at least one important case (the largest meat producer in the US) it is nothing of the sort. Do facts not matter to you?

But whether caused by 'greed' or just normal market forces, are meat price increases really that huge? Here are the average price increases of selected items from the U.S. Bureau of Labor Statistics, between Sept 2015 and May 2023 - a period of 7.7 years.

Grade A eggs 1 doz $2.97, $2.67 -10% (-1% per year)
Tomatoes per lb $1.78 $1.80 +0% (0% per year)
Bananas per lb $0.58 $0.63 +8% (1% per year)
Ground 100% Beef per lb $4.20 $4.95 +18% (2% per year)
Milk fresh whole per gal $3.39 $4.04 +19% (3% per year)
Chicken Whole per lb $1.42 $1.92 +35% (5% per year)
Bread White per lb $1.43 $1.95 +36% (5% per year)

Gasoline per gal $2.39 $3.69 +54% (7% per year)

I deliberately chose Sept 2015 because the egg price spiked then - as it did in January this year - just to show that the current price is not unprecedented. But take a look at the others. Bread has increased more than chicken and twice as much as ground beef, which increased less than milk.

The real shocker is gasoline. Oil is a component of virtually every product one way or another. If the price of oil goes up, so does everything else. In June 2022 the average price of gas spiked to $5.06 per gallon, a 110% increase over Sept 2015. That was bound to have a knock-on effect on other products.

Egg production was hit by an avian flu outbreak, which killed 51 million birds in the U.S. in 2022. The price spiked in January but has since come down, exactly as you would expect when market forces are at play. They are not an essential food either - chicken is cheaper and better for you (especially if you have high cholesterol, which many westerners do).

If staple food products are getting more expensive, it's not shocking that more expensive luxuries like meat are taking a beating as the market reacts accordingly.
Beef has always been expensive, but you don't need much of it so the price increase isn't that important. Chicken is half the price and better for you. Fruits and vegetables are even healthier, and they are even cheaper. The average meal should consist mostly of these cheapest foods, many of which have not increased much or at all.

It really annoys me to see the news media winding people up on price 'jacking' and 'greedflation' of foods that they shouldn't be eating much of anyway. The media should be rejoicing that market forces are encouraging people to improve their diet by cutting down on unhealthy foods.
 
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Gasoline is the only price I see listed that has anything to do with reality. Under $3 for eggs and under $2 for bread? What planet are these numbers coming from?
 
They are average prices, and you know where they came from. The real question is what planet are you on?

Bread is in the $3-$4 per 16 oz loaf here. That's about double the chart. So...I guess if it's an average, a sizable part of the country is paying less than a dollar per loaf?
 
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Gasoline is the only price I see listed that has anything to do with reality. Under $3 for eggs and under $2 for bread? What planet are these numbers coming from?

I bought eggs for $1.18 (12ct) at Aldi and $1.49 (18ct) at Shoprite within the past 6 weeks. The only bread I buy is Joseph's low carb pita (6ct) for $3.28 at Walmart. My planet is commonly referred to as the Jersey Shore.
 
Anyone who buys premade coffee losses all rights complain about the price of anything .. that's like 12 to 15 cents to make at home and put in a thermos ..

I'm talking about Acme brand whole beans sold in a 2 lb bag. $9.99 at the start of COVID, $17.99 now.
 
https://www.walmart.com/ip/Great-Value-White-Sandwich-Bread-20-oz/10315752

$1.32 for 20oz White Bread... Notice, that's the type of bread they specified. Change your zip code to 87015 if you want to see what I see.

Eta, actually you can get wheat bread at 10c an ounce at the Walmart here.

Ok, white bread admittedly got by me. Never ate the stuff, and what they sell as white in the stores I go to is Italian style. Actual Wonder white bread was completely off my radar.

Non-fancy Stroemann potato bread retails at $4.69 rn. The best sale prices for off brand whole wheat and stuff runs around $2.99 and more rarely $2.49.

Maybe I need a new supermarket? Unfortunately not a lot of competition anymore. Shop Rite and Acme are the two left standing around here, and Walmart a half hour away but then you are dealing with Walmart. The soul has a price too
 
It can't really be called Inflation with the ten year bond yield is lower than inflation rate, i.e. the State can make money by borrowing money.

What we have is a miss-allocation of funds, investments, tax exemptions.
 
Ok, white bread admittedly got by me. Never ate the stuff, and what they sell as white in the stores I go to is Italian style. Actual Wonder white bread was completely off my radar.

Non-fancy Stroemann potato bread retails at $4.69 rn. The best sale prices for off brand whole wheat and stuff runs around $2.99 and more rarely $2.49.

Maybe I need a new supermarket? Unfortunately not a lot of competition anymore. Shop Rite and Acme are the two left standing around here, and Walmart a half hour away but then you are dealing with Walmart. The soul has a price too

I mean, I usually buy the fresh made bakery bread from the grocery store. So when I saw the governments estimated bread price I was thinking... no I haven't paid under $2 / loaf this century. But they are indexing the cheap stuff. And the cheap stuff is still pretty damned cheap.

Its a bit like coffee. Yeah its gone way up. But if you by the cheap beans your cup is still probably only about 15 cents.
 
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I bought eggs for $1.18 (12ct) at Aldi and $1.49 (18ct) at Shoprite within the past 6 weeks. The only bread I buy is Joseph's low carb pita (6ct) for $3.28 at Walmart. My planet is commonly referred to as the Jersey Shore.

*shoobie alert siren sounds*

;)
 
Maybe I need a new supermarket? Unfortunately not a lot of competition anymore. Shop Rite and Acme are the two left standing around here, and Walmart a half hour away but then you are dealing with Walmart. The soul has a price too

There is a bit more choice in my area. In my town we have a Shoprite, Stop & Shop, Aldi, Lidl, Walmart, and Target, as well as Foodtown (7 miles), Acme (10 miles), and Wegmans (15 miles) in nearby towns.


*shoobie alert siren sounds*


;)

I've lived here for over 45 years and have never heard the term shoobie. Everyone in my area called the tourist Bennies.
 
There is a bit more choice in my area. In my town we have a Shoprite, Stop & Shop, Aldi, Lidl, Walmart, and Target, as well as Foodtown (7 miles), Acme (10 miles), and Wegmans (15 miles) in nearby towns.




I've lived here for over 45 years and have never heard the term shoobie. Everyone in my area called the tourist Bennies[.

Correction: Bennys It's an acronym for tourists from Bayonne, Elizabeth, Newark, and New York. That means you are from the more northern part of our fair State.

I'm 609. Our variety of vermin are called shoobies, of unknown origin but believed to either stem from people who wear shoes on the beach, or people who used to bring box lunches in shoe boxes when taking the train "down the shore". Locals here never, ever refer to the beaches as "the shore".
 
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