That’s a fine bit of bit circular logic there. The price of food is used in the BLS’s basket of goods for calculating the Consumer Price Index (CPI). So yes, the goods used to track inflation do, in fact, track with inflation.
That said, the US economy (at a macro level) is doing rather well considering that we weathered a global pandemic, we have a war on in Europe involving one of the world’s major oil and gas suppliers and inflation has been stubbornly high. Yet somehow, wages are up and unemployment is at historic lows. Seriously, if the administration could actually do something about the housing situation and prices rising, this election would look a lot more like 2008 than 2016. But unfortunately, people vote based on how they feel, not on an analysis of macro-economics. So long as people fell like the gains they have made are being squeezed back out of them via rising prices, the incumbent president is in trouble. When you get down to it, it’s still the economy, stupid.
That’s a fine bit of bit circular logic there. The price of food is used in the BLS’s basket of goods for calculating the Consumer Price Index (CPI). So yes, the goods used to track inflation do, in fact, track with inflation.
That said, the US economy (at a macro level) is doing rather well considering that we weathered a global pandemic, we have a war on in Europe involving one of the world’s major oil and gas suppliers and inflation has been stubbornly high. Yet somehow, wages are up and unemployment is at historic lows. Seriously, if the administration could actually do something about the housing situation and prices rising, this election would look a lot more like 2008 than 2016. But unfortunately, people vote based on how they feel, not on an analysis of macro-economics. So long as people fell like the gains they have made are being squeezed back out of them via rising prices, the incumbent president is in trouble. When you get down to it, it’s still the economy, stupid.
https://www.bls.gov/news.release/cpi.nr0.htm
It’s not like we don’t have inflation excluding food
All items excluding food and energy: 3.8%
Food: 2.2%