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It’s a good thing summer is on its way. We’ll be planting a garden soon, and that will help us alleviate some of the impact that food prices inflation will have on our household budget.
Right now, the big story is that oil prices hit $114 a barrel yesterday. People are talking about gas prices. And it’s true that gas prices are going to take a toll on many a household budget. They probably already are.
But with the release of the latest inflation data from the Labor Department, it’s apparent that we all need to be mindful of food prices inflation as well. AFP reports on wholesale costs:
“Wholesale costs are rising and the consumer should expect more shocks at the supermarket and the gas station,” said Joel Naroff, the president of Naroff Economic Advisors.
What does this mean for you? It means it’s time to prepare. If you can, plant a garden. Even a container garden can be helpful in terms of providing fresh, low-cost produce for your table. Try to plan your trips, and consider the types of things you buy. It may be time to cut back on some of the unnecessary items that you purchase each month.
Core inflation takes out food and energy costs, and it shows a very manageable 0.2 percent. But that doesn’t represent reality for most American families. Energy and food are the biggest expenditures — and they have the biggest impact on the household budget.
What are you doing to prepare for gas and food prices inflation?
image credit: Tijmen Stam
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