I've made this point before, but it's worth making again: inflation at the grocery story has been very, very low for over a year. Here is monthly inflation in groceries:
Over the past 12 months, inflation in groceries has averaged 1.1%, way below the normal rate.
The press ran about a million pieces when food inflation was high, complete with the usual B-roll of clanging cash registers and highlights of whatever product happened to be up the most. And they're still writing them!
But food inflation is nearly zero. When will they start writing about reality? That is:
- Food inflation has been super low for over a year now.
- In April prices went down.
- Compared to a year ago, eggs are down 9%! Apples are down 13%. Seafood is down 3%. Coffee is down. Citrus fruits are down. White bread is down. Peanut butter is down. Lunchmeat is down.
And this has all been happening while average wages have gone up 4% in the past year. You'd think all of this would be of some interest to news consumers.