Meat prices are soaring out here.

billyray

Just got back from Costco yesterday and this is some of the prices I saw.

Alaskan King crab legs-$30.99/lb., I remember when these were $19.99/lb.
Prime Tri-tip-$11.99/lb., use to be $8.99/lb.
Crayovaced Prime beef tenderloin- $24.99/lb.
Babyback Ribs-$4.29/lb.

TEXASBGE2018

They are soaring everywhere. It will get worse before it gets better. Also, the items you are listing above are considered luxury items to most people with the exception of baby back ribs. That stuff is impacted even more because of demand. Almost everything is having major supply issues right now as well. Add on to that the desire by some to limit our beef production as a means to slow down climate issues and the end result will be even greater sticker shock in the next couple years. Buckle up.

nolaegghead

JohnInCarolina

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

fishlessman

atleast we will have free govt cheese again, well hopefully

fishlessman

nolaegghead said:

raw termites and chicken heads are a delicacy of kenya, i guess we will have to learn new recipes.  protip...the heads on raw termites are extremely crunchy, remove and toss the heads. if crawfish prices go up, theres the alternative

Ozzie_Isaac

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

fishlessman

a year ago limes were 5 for a buck, now 2 for a buck, soon to be a buck apiece. that aint right

JohnInCarolina

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

nolaegghead

The supply chain takes a while to ramp back up to pre-pandemic levels.  Steel demand, for example, which was already expensive from the tariffs, dropped down to a trickle because the consumers demand dropped.  Plants closed or scaled back and they furloughed workers.  It's going to take a year to catch up, and steel companies don't want to fix the supply side because they're making 40% profits now, and no one wants to buy futures and take the risk of losing their asses.

Ozzie_Isaac

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

What causes inflation?  As Nola mentioned, I assumed the price rise was a supply issue as opposed to inflation, but how do you tell the difference?  It seems like the supply issues are driving up costs on all goods because the supply issues are on the basic building blocks for all consumer goods.

Not being sarcastic, actually curious.

nolaegghead

All economists predicted inflation.  The rate was higher than they were expecting, but these are unusual times.

PigBeanUs

Lot of cash on hand and people ready to spend, too. 

Construction’s been inflated for a year. Travel’s coming back. An end to covid is in sight
...lot of factors at work. 

We have had an unprecedented run of little to no inflation across a few presidencies. 

Had to run out sometime

JohnInCarolina

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

What causes inflation?  

I'll defer to Lit on this one.  I've been told he's the expert here.  

Ozzie_Isaac

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

What causes inflation?  

I'll defer to Lit on this one.  I've been told he's the expert here.  

*Sigh*. Time to googlz me an education.

Did anyone read the comments by the QANON shaman's lawyer?  Some might find them humourous.

FarmingPhD

Variety of drivers, wsj article hits on a lot of them. Everything from increased commodity prices, labor shortage, to just plain supply chain disruptions.  Inflation is also a part of this, but as noted by others really difficult to decouple it from other factors and draw hard conclusions.
https://www.wsj.com/amp/articles/consumers-adjust-to-higher-prices-11620552601

Ozzie_Isaac

Found this definition:

As a currency loses value, prices rise and it buys fewer goods and services. This loss of purchasing power impacts the general cost of living for the common public which ultimately leads to a deceleration in economic growth. The consensus view among economists is that sustained inflation occurs when a nation's money supply growth outpaces economic growth.

Ozzie_Isaac

This paragraph was just plain interesting, never heard this part in my history classes:

Theoretically, monetarism is a popular theory that explains the relation between inflation and money supply of an economy. For example, following the Spanish conquest of the Aztec and Inca empires, massive amounts of gold and especially silver flowed into the Spanish and other European economies. Since the money supply had rapidly increased, the value of money fell, contributing to rapidly rising prices.

Ozzie_Isaac

Printing money and issuing reserve account credits causing demand for goods to exceed supply of goods results in inflation.

Looks like we have a perfect storm with our supply issues.  Wonder what happens once supply catches up to money?  Stabalization or deflation?

JohnInCarolina

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

What causes inflation?  

I'll defer to Lit on this one.  I've been told he's the expert here.  

*Sigh*. Time to googlz me an education.

Reading is generally the best path to knowledge, in my experience.

fishlessman

my thoughts are there are too many people day drinking...GO BACK TO WORK AND STOP BUYING MY LIMES

Ozzie_Isaac

Interesting, it would appear one can protect against inflation in a number of ways:

1. Invest in tangibles (real estate, art, factories, gold, silver, etc).  As inflation rages, these follow.

2. Job with pay based off the price of tangibles.  Say commission based job tied to sales price (sales person or stock broker)

3. Do not hoard cash.  Inflation eats the cash value.  Counter intuitively, carrying a lot of debt is great when inflation hits.  You borrowed money with high buying power and pay it back with money that has very low buying power.  Seems you can have your cake and eat it too.

Inflation might not be the big scary boogeyman if you prepare for it and are in an inflation adjusted career.

SGH

JohnInCarolina said:

Reading is generally the best path to knowledge, in my experience.

For the most part I agree. But it depends a lot on what one is reading 📖 

JohnInCarolina

SGH said:

JohnInCarolina said:

Reading is generally the best path to knowledge, in my experience.

For the most part I agree. But it depends a lot on what one is reading 📖 

That's where critical thinking skills come into play: understanding what makes sense to read, and understanding how to verify information.  

fishlessman

Ozzie_Isaac said:

Interesting, it would appear one can protect against inflation in a number of ways:

1. Invest in tangibles (real estate, art, factories, gold, silver, etc).  As inflation rages, these follow.

2. Job with pay based off the price of tangibles.  Say commission based job tied to sales price (sales person or stock broker)

3. Do not hoard cash.  Inflation eats the cash value.  Counter intuitively, carrying a lot of debt is great when inflation hits.  You borrowed money with high buying power and pay it back with money that has very low buying power.  Seems you can have your cake and eat it too.

Inflation might not be the big scary boogeyman if you prepare for it and are in an inflation adjusted career.

im going to be rich i owe everyone

Ozzie_Isaac

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

Ozzie_Isaac said:

JohnInCarolina said:

These kinds of things are the most difficult for poor and middle class families to absorb.

If we had a functioning government, it would look to reduce the tax burden on those families so that they'd have a little more money per month to help offset rising food costs. 

I thought the easy monetary policy and massive deficit was the reason for inflation?  Wouldn't your suggestion make the situation worse?  Almost like an economic death spiral?  I am not an economist, but I was reading the Nuke thread yesterday before, well, it got nuked.

I understand how one might get that impression from reading that thread, but don't worry, that is just the result of being confused.  

What causes inflation?  

I'll defer to Lit on this one.  I've been told he's the expert here.  

*Sigh*. Time to googlz me an education.

Reading is generally the best path to knowledge, in my experience.

Build a man a fire, keep him warm all day.  Set a man on fire, keep him warm for the rest of his life.

CornfedMA

I’m just here to say that @fishlessman is the unsung hero of the inflation education thread. With that, I shall add another lime to my 4pm G&T. Onward and upward! 

Dondgc

Ozzie_Isaac said:

Found this definition:

As a currency loses value, prices rise and it buys fewer goods and services. This loss of purchasing power impacts the general cost of living for the common public which ultimately leads to a deceleration in economic growth. The consensus view among economists is that sustained inflation occurs when a nation's money supply growth outpaces economic growth.

Which is about exactly what I said…

nolaegghead

You want an inflation rate around 2 percent for a healthy economy.  Too low or too high are detrimental.

divided_wood

Without turning this into a finance or political thread (no thanks), I've noticed the same thing around here recently. Had a hard time even finding a brisket for the weekend yesterday. Costco stock has been low (never seen them out of briskets before) and a buddy bought his last packer there for around $4/lb, up from $2.50 to $2.99 around here usually. Hy-Vee (local supermarket chain) doesn't always have the best selection but prices are up a lot there too. Saw a prime packer there that looked like it had seen better days... $9/lb. No thanks! 

fishlessman

im not even going to go looking at brisket prices up here, they used to be about 8 bucks a pound for choice