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( Natural News ) Beef prices in the United States are soaring largely due to uncontrolled inflation and endless money printing by the federal government.
According to the Consumer Price Index (CPI) of the Department of Labor’s Bureau of Labor Statistics (BLS), beef prices in October rose by 20.1 percent compared to the same month last year. Of the many products listed in the CPI, the only other item whose price inflated more than beef was unleaded gasoline. (Related: Beef and chicken set to become luxuries as inflation pushes food prices ever higher .)
The price of beef would normally fluctuate between one to five percent per year, according to BLS. This is the highest single-year increase in the price of beef since 2003 when costs surged after a cow imported into the U.S. from Canada was diagnosed with mad-cow disease. That was the first occurrence of mad-cow disease in the country, causing a massive beef recall and prices to surge.
“All meat prices are up, but beef prices are up disproportionately higher than the rest of the protein prices,” said Arun Sundaram, an analyst for CFRA, a financial research company.
The closest contender to beef’s meteoric rise in costs is pork, which rose 14.1 percent over the past year. Reckless spending and endless money printing have to stop
The surge in the price of everyday food items like beef proves that the federal government’s idea that inflation is temporary or transitory is wrong .
Larry Kudlow, former director of the National Economic Council for former President Donald Trump, pointed out that CPI is following the Producer Price Index – an index that measures how much domestic producers charge for their goods and services.
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“When the two indexes are moving up in tandem, that strongly suggests a deep-rooted inflation problem. Sometimes, producer prices jump but they’re not passed on to consumers,” said Kudlow.
But now that the price hikes are being passed on to consumers, Kudlow believes this trend suggests that the Federal Reserve is printing too much money, which is exacerbating the inflation crisis and causing the price hikes to continue.Kudlow admitted that money printing […]
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