What would you do faced with 50% inflation?

[WVDragonlady]

Heres some not so good news for ya all.
https://www.theepochtimes.com/price...hats-becoming-the-most-expensive_4049118.html

The Labor Department reported that the consumer price index, a key inflation gauge that measures how much Americans pay for goods and services, rose about 0.4 percent in September. The year-over-year prices increased 5.4 percent, which some noted is the largest yearly increase since January 1991.

The agency’s report (pdf), released Wednesday, breaks down how much prices have increased for certain key services and goods, including gas, food prices, electricity, and used cars:

Gas: 42.1 percent

Meats, poultry, fish, and eggs: 10.5 percent

Propane, kerosene, and firewood: 27.6 percent

Fuel oil: 42.6 percent

Electricity: 5.2 percent

Peanut butter: 6.2 percent

Coffee: 4.0 percent

Bacon and similar products: 19.3 percent

Uncooked beef steaks: 22.1 percent

Furniture: 11.2 percent

Used cars and trucks: 24.4 percent

New cars and trucks: 8.4 percent

Rental cars: 42.9 percent

Footwear: 6.5 percent

Motor vehicle maintenance and repair: 4.0 percent

Postage and delivery services: 3.2 percent

Haircuts and other personal care services: 5.0 percent

Sporting goods: 7.5 percent

Appliances: 7.1 percent

Restaurant prices: 4.7 percent

Rent. 2.9 percent

According to Labor Department data, wages only increased by 4.6 percent compared to the previous year, meaning that inflation is outpacing wage growth.
Analysts have blamed a combination of factors for the spike in inflation, including supply chain disruptions and bottlenecks, energy shortages in the Asia-Pacific and Europe, and COVID-19-related concerns and vaccine mandates.

 

[Supervisor42]

The Mrs did her usual Costco run today and said her total on each of the last 2 runs was 20-25% higher than it has been.
Fortunately we only have 5% inflation.
Brandon told me so!

 

[LadyLocust]

Heres some not so good news for ya all.
https://www.theepochtimes.com/price...hats-becoming-the-most-expensive_4049118.html

The Labor Department reported that the consumer price index, a key inflation gauge that measures how much Americans pay for goods and services, rose about 0.4 percent in September. The year-over-year prices increased 5.4 percent, which some noted is the largest yearly increase since January 1991.

The agency’s report (pdf), released Wednesday, breaks down how much prices have increased for certain key services and goods, including gas, food prices, electricity, and used cars:

Gas: 42.1 percent

Meats, poultry, fish, and eggs: 10.5 percent

Propane, kerosene, and firewood: 27.6 percent

Fuel oil: 42.6 percent

Electricity: 5.2 percent

Peanut butter: 6.2 percent

Coffee: 4.0 percent

Bacon and similar products: 19.3 percent

Uncooked beef steaks: 22.1 percent

Furniture: 11.2 percent

Used cars and trucks: 24.4 percent

New cars and trucks: 8.4 percent

Rental cars: 42.9 percent

Footwear: 6.5 percent

Motor vehicle maintenance and repair: 4.0 percent

Postage and delivery services: 3.2 percent

Haircuts and other personal care services: 5.0 percent

Sporting goods: 7.5 percent

Appliances: 7.1 percent

Restaurant prices: 4.7 percent

Rent. 2.9 percent

According to Labor Department data, wages only increased by 4.6 percent compared to the previous year, meaning that inflation is outpacing wage growth.
Analysts have blamed a combination of factors for the spike in inflation, including supply chain disruptions and bottlenecks, energy shortages in the Asia-Pacific and Europe, and COVID-19-related concerns and vaccine mandates.

I just heard some of these numbers but in reference to winter heating. I think it said propane was about 35% increase - that's not with firewood or kerosene to cushion the number. Interesting to see the other percentages. What is not included is availability.

 

[WVDragonlady]

I just heard some of these numbers but in reference to winter heating. I think it said propane was about 35% increase - that's not with firewood or kerosene to cushion the number. Interesting to see the other percentages. What is not included is availability.

Well it is the government's labor department. when has the government ever been honest with people? lol

 

[angie_nrs]

The FED has lost control. They have no more ammo to throw at the economy. Their fancy talk will do no good and they know it.

I think we're gonna find out what happens when average Americans have zero faith left in the almightly dollar.

Get what ya can, while you still can. I think things are gonna get a whole lot uglier before it gets better. I hope I'm wrong.

Remember when we were energy independant? What was that.....like a whole year ago?

 

[Neb]

The FED has lost control. They have no more ammo to throw at the economy. Their fancy talk will do no good and they know it.

I think we're gonna find out what happens when average Americans have zero faith left in the almightly dollar.

Get what ya can, while you still can. I think things are gonna get a whole lot uglier before it gets better. I hope I'm wrong.

Remember when we were energy independant? What was that.....like a whole year ago?

9 months by my count.

Ben

 

[WVDragonlady]

BILLIONAIRE SUPERMARKET OWNER WARNS: FOOD PRICES WILL GO UP 'TREMENDOUSLY'
The owner of a New York City supermarket chain predicted the food prices will increase sharply in the coming months, with some increasing 10 percent in the next two months.
https://www.blacklistednews.com/art...arket-owner-warns-food-prices-will-go-up.html

Americans are paying about 42 percent more on average for a gallon of gas than a year before, the data shows. They’re also paying 10.5 percent more for eggs, meat, poultry, and fish; 4 percent more for coffee; 19 percent more for bacon; 6 percent more for peanut butter; 27 percent more for propane, kerosene, and firewood; 5.2 percent more for electricity; 24.4 percent more for used vehicles; and 7.1 percent more for appliances.

 

[WVDragonlady]

Want to keep up to date with this, heres a website that seems to be covering it

https://foodsupply.news/#

 

[Tootsie]

I saw that article on prices at gristedes and was tempted to comment. from my experience at that store, they were high end, priced for the elite. But, it is true that if they see trouble, there’s trouble for all.

 

[Alaskajohn]

Want to keep up to date with this, heres a website that seems to be covering it

https://foodsupply.news/#

Looks like a good site. I just read through several articles. Thanks for posting.

 

[Pearl]

Want to keep up to date with this, heres a website that seems to be covering it

https://foodsupply.news/#

Great site, thanks for posting that!!

 

[Curmudgeon]

Want to keep up to date with this, heres a website that seems to be covering it

https://foodsupply.news/#

Bookmarked.

 

[Curmudgeon]

So far this week, the message has been, "high prices at the store is a good thing", "backlog of cargo ships is a good thing", and lastly, " people need to lower their expectations".

 

[WVDragonlady]

So far this week, the message has been, "high prices at the store is a good thing", "backlog of cargo ships is a good thing", and lastly, " people need to lower their expectations".

In other words: We don't care. Suck it up people.



I honestly can't wait for their downfall.
It will happen. It may take time but it will happen

 

[rice paddy daddy]

What would we do?
Well, we live on a dead end dirt road six miles outside a one stop light town.
Mortgage is paid, vehicles were bought with cash, wife has over three years of non perishable food put back, we’ve got chickens that give us eggs, have no debts whatsoever.
I do work part time to help supplement our meager fixed income, at an auto parts store.

God knows all, He knows what’s coming, He has enabled us to prepare.

 

[Pearl]

In other words: We don't care. Suck it up people.



I honestly can't wait for their downfall.
It will happen. It may take time but it will happen

Yes it will!

 

[Supervisor42]

What would we do?
Well, we live on a dead end dirt road six miles outside a one stop light town.
Mortgage is paid, vehicles were bought with cash, wife has over three years of non perishable food put back, we’ve got chickens that give us eggs, have no debts whatsoever.
I do work part time to help supplement our meager fixed income, at an auto parts store.

God knows all, He knows what’s coming, He has enabled us to prepare.

Yes, and like you, some of us (I) have lived thru this crap before.
When prices skyrocket, people don't buy anything but essentials.
The economy goes into the crapper, and outrageous prices are forced to go into correction.
It's a cycle, not forever.
Putting a $300 price tag on a sheet of plywood becomes meaningless when it never sells.
The only question becomes, how long the economy has to spend in the crapper.

 

[UrbanHunter]

Yes, and like you, some of us (I) have lived thru this crap before.
When prices skyrocket, people don't buy anything but essentials.
The economy goes into the crapper, and outrageous prices are forced to go into correction.
It's a cycle, not forever.
Putting a $300 price tag on a sheet of plywood becomes meaningless when it never sells.
The only question becomes, how long the economy has to spend in the crapper.

Just till they can sell that $500 TP

 

[Curmudgeon]

I honestly can't wait for their downfall.

I'm at that point too. Am I prepared enough, probably not, but a country boy can survive.

 

[jazzy]

its like things are4 changing so fast its getting really hard to keep upwith increasing shortages and price increases. i think msany prices are jumping higher than the media is rep[orting.

 

[Supervisor42]

its like things are4 changing so fast its getting really hard to keep upwith increasing shortages and price increases. i think msany prices are jumping higher than the media is rep[orting.

And as long as enough people 'buy in' to the panic and buy extra stuff to hoard, it will continue (witness the TP thing).
Shortages (even if caused by panic-buying) create price increases. It doesn't end until people get fed up with it and stop the foolishness.
End the 'tug-of-war' over stuff.
When a hurricane blows thru, gas is always in short supply.
They had to pass a law to prevent 'scalping' on gasoline prices...because sellers would do that.
After a bunch went to jail, it stopped.

 

[ladycat]

How about a bit of good(ish) news for a change?

In doing my price comparisons, Walmart has slowed down on the price increases, and several items have actually gone back down a little.
Coffee prices seem to have stabilized (for now?)
Pantry staples seem to be going out of stock less often at both Walmart and Amazon.
The situation isn't looking as good as it was prior to the Big C, but it is looking somewhat improved over what is has been for the past few months.

It occurred to me it might be fun to show some of the deals that are coming back (well, coming back for the things that are in stock. Some items have been unavailable for months, which is darned annoying)

Excuse the format. These are elements of ads I run on a local Facebook group, but it does show how the sales are coming back! Only a few weeks ago it was hard to find any kind of good deals at all, as it had been since Spring of 2020.

I'm feeling somewhat hopeful, but still keeping my fingers crossed.



.

 

[Biggkidd]

I had a cardiac moment at the grocery store when I saw the price of 73% lean ground beef $4.59 lb! OUCH!!!!!!!!! That's up 100% from January's $2.19 lb! Right now 50% inflation on the things we buy would be a god send because near everything we buy is over 100% more than it was last year...

 

[Neb]

I had a cardiac moment at the grocery store when I saw the price of 73% lean ground beef $4.59 lb! OUCH!!!!!!!!! That's up 100% from January's $2.19 lb! Right now 50% inflation on the things we buy would be a god send because near everything we buy is over 100% more than it was last year...

Good point.

I should adjust my previous position based on what I have been doing...

Buy up everything I know I will need before the inflation gets worse.

Ben

 

[Rick]

Inflation by itself does not necessarily mean widespread extreme poverty. It simple means the value of money changes quickly ( to less).

Above a certain %age it will collapse the economy though.
When the baker gets only $2000 but by the time he counts the money in the afternoon, inflation will have lowered the value of that currency by half, so he had really needed to charge $4000 to keep the doors open.
Which he didn't, so now he is out money and operated at a loss today.

This is called hyperinflation and it happened in the Weimar Republic of 1920s germany.
50% inflation per year, is something that payrolls and suppliers could conceivably keep up with.
But for those of us with savings it would mean we need to convert fiat currency to tangibles.

Those who have large loans on house/truck would actually be may actually benefit as payments had been negotiated in pre inflation dollars and you get to pay them in inflated dollars of much less value effectively lowering your payments in real value tremendously.

 

[UrbanHunter]

Inflation by itself does not necessarily mean widespread extreme poverty. It simple means the value of money changes quickly ( to less).

Above a certain %age it will collapse the economy though.
When the baker gets only $2000 but by the time he counts the money in the afternoon inflation will have lowered the value of that currency by half so he had really needed to charge $4000 to keep the doors open.
Which he didnt so now he is out money and operated at a loss today.

This is called hyperinflation and it happend in the Weimar Republic pf 1920s germany.
50% inflation is something that payrolls and suppliers could conceivably keep up with.
But for those of is with savings it would mean we need to convert fiat currency to tangibles.

Those who have large loans on house/truck would actually be may actually benefit as payments had been negotiated in pre inflation dollars and you get to pay them in inflated dollars of much less value effectively lowering your payments in real value tremendously.

You are so right, but many of the small businesses have to pay up front and then charge based on that; not knowing that the price for the next load doubled and then they are out of money and have no product to sell.... In the late 70s and early 80s a lot of mom and pop gas stations went out of business, first they went self serve to eliminate the staff, then they added groceries, then they just disappeared....

 

[Neb]

Inflation by itself does not necessarily mean widespread extreme poverty. It simple means the value of money changes quickly ( to less).

Above a certain %age it will collapse the economy though.
When the baker gets only $2000 but by the time he counts the money in the afternoon, inflation will have lowered the value of that currency by half, so he had really needed to charge $4000 to keep the doors open.
Which he didn't, so now he is out money and operated at a loss today.

This is called hyperinflation and it happened in the Weimar Republic of 1920s germany.
50% inflation is something that payrolls and suppliers could conceivably keep up with.
But for those of us with savings it would mean we need to convert fiat currency to tangibles.

Those who have large loans on house/truck would actually be may actually benefit as payments had been negotiated in pre inflation dollars and you get to pay them in inflated dollars of much less value effectively lowering your payments in real value tremendously.

Agreed 100%

Ben

 

[UrbanHunter]

After going shopping I have to say that if I were facing 50% inflation, I would be glad to see the prices coming down....

As it is I am investing in things that carry value long term or that you HAVE to Have. Things that provide some level of self sufficiency are very valuable to me now....

 

[angie_nrs]

I feel the need to get rid of dollars. They are starting to become worthless before our eyes. It seems like now I buy something that I think I might use in the future and has staying power (like pots and pans). If I see something that hasn't quite gone up yet, I nab it before inflation nabs it. I also wonder when the shelves will be completely empty? Ack! I hate shopping this way! I'm a bargain hunter and this is so against my grain. I never used to buy anything unless it was on sale or I had coupons. Those days seem to be in the rear view mirror.

The economic signs I'm seeing are just not encouraging. The economy now is being driven by fear IMHO, and that's never a good thing. Nothing driven by fear is a good thing.

I saw a sign at Aldi last week looking for workers starting at $18 per hour with benefits. WTH? Wow! Well, the Dems got their $15 per hour now didn't they? I wonder what their next goal will be......$50 per hour? If people can't see what this agenda is all about, they are just friggin blind at this point and there is nothing that will convince them differently.

 

[Amish Heart]

People will need the $50 an hour if prices keep going up. I took a small roast out of the freezer this morning for the crockpot to make burritos out of this evening. Husband asked what I paid for it. It was $4.99 a lb. That used to be an ok price.
The sign that threw me was at Dollar Tree. Help Wanted. Work Today, Get Paid Today.