cpi watch Sep 13, 2021
steak inflation

Today, we look at the CPI and show you why it likely is unreliable as a measure of actual inflation.

For July 2021, the Fed said that inflation from last year to this year was roughly 5.9% for meats, poultry, fish, and eggs.

Here is one of the regions they base these prices on. You can see that steak is up – but surprisingly, it’s not up a lot. Hmmm…let’s check the prices of those items then? If we go to Omaha Steaks’ website (love these guys) for filet mignon, we see almost 100% inflation from $28 to $55. Part of that could be the bacon. But – 100%? Other prices vary, but we are talking on average perhaps 50% increases for all steaks.

Same item, just 8 months later (couldn't get exact July to July comparison but won't be off TOO much I believe).

You can believe one or more of the following:
A) The government with a vested interest in saying the price is lower than it really is.
B) Omaha Steaks with a vested interest in making money and needing accurate price information reflected in their costs.
C) Your wallet, which probably agrees with Omaha Steaks.

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