Record Number Of People Say They Are Paying More For Groceries Now Than Ever Before

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  • Tylerdurden
    Banned
    • Jul 2006
    • 19903

    Record Number Of People Say They Are Paying More For Groceries Now Than Ever Before

    Somehow even as all that deflation in home prices continues, like perfectly joined communicating vessels, countervailing inflation continues seeping into pretty much every other aspect of society. But don't take our word for it, (or even gold's, which is just under all time record notional highs): according to Rasmussen, "Americans nationwide continue to lose faith in the Federal Reserve Board to keep inflation under control, with the number who say they are paying more for groceries now at an all-time high." Specifically, "93% of adults report paying more for groceries now than they did a year ago, the highest finding to date. Only four percent (4%) say they’re not paying more for groceries now compared to a year ago. Prior to the latest results, the number that said they are paying more for groceries ranged from low of 75% in April 2010 to a high of 91% in May of this year." However, since many of these same adults are transferring intangible "savings" from their non-payable mortgage check courtesy of a home market that has now ground to a halt for over 6 months, aka squatters rent, to pay for staples, few really mind. They just like to bitch and moan about it because it means fewer Apps downloaded for the iPad.
    What is probably just as interesting, is that when it comes to trusting the Fed: that source of unlimited liberal policy, Democrats, as is to be expected, are far more confident that the Fed can keep inflation under control. Or, in other words, have faith that it can do anything at all correctly: a faith that has long since been lost virtually in every other segment of society. Not surprisingly, those whose money is in the market, and are invested in the US, are also hoping the Fed knows what it is doing. Then again as we presented recently, this is a very paltry number on a relative basis, one can see why the bulk of the population is starting to loathe Bernanke and all he represents with a vengeance:


    Democrats hold more confidence in the Fed to keep inflation under control and interest rates down than do Republicans and adults not affiliated with either major party.

    Investors are slightly more confident than non-investors that the Fed can handle both of these matters.
    Yet no matter how they feel about hopium, when it comes to moneyum, everyone is angry:


    But strong majorities of adults from all demographic groups agree they are paying more for groceries now than they were a year ago.

    These findings add to a string of survey findings showing very negative perceptions of the economy among Americans.
    Speaking of confidence, there is none:


    Confidence among Americans in the stability of the nation’s banking industry has hit rock bottom.

    Overall consumer confidence as measured in the Rasmussen Consumer Index is now hovering above the lowest levels of the post-9/11 era.
    Bottom line, some may be surprised to see that a media campaign focused on bashing Perry and his incendiary anti-Fed remarks, may backfire massively:


    The latest Rasmussen Reports national telephone survey of American Adults shows that just 31% are at least somewhat confident that the Fed will be able to keep inflation under control and interest rates down, and that includes only eight percent (8%) who are Very Confident. Sixty-five percent (65%) are not confident the Fed can keep inflation and interest rates under control, with 25% who are Not At All Confident. (To see survey question wording, click here.)

    Prior to the latest survey, overall confidence in the Fed to handle inflation and interest rates ranged from a low of 32% to a high of 41%. The number who hold no confidence at all is now at its highest level in nearly two years.
    Indeed, this is already happening:


    Texas Gov. Rick Perry took a double-digit lead over former Massachusetts Gov. Mitt Romney and Rep. Michele Bachmann (R., Minn.) in a Rasmussen Reports survey taken Monday night, two days after Mr. Perry joined the race.

    The poll showed Mr. Perry, who entered the race on Saturday, had the support of 29% of likely GOP primary voters, while Mr. Romney had 18% and Ms. Bachmann, who won the Iowa straw poll, garnered 13% of the vote.

    Scott Rasmussen, the founder and president of the polling firm, attributed Mr. Perry’s high marks in part to excitement surrounding his entry into the race.

    “Gov. Perry is enjoying a bounce from entering the race at precisely the right time,” Mr. Rasmussen said in a summary of the poll. “Now the difficult part begins for the new frontrunner. It’s much easier winning support when people are hoping you will get in the race, than retaining support when you are the frontrunner.”
    (Naturally Ron Paul somehow as usual did not make the cut: Rounding out the field, the poll showed Texas Rep. Ron Paul received 9% of the vote; businessman Herman Cain, 6%; former House Speaker Newt Gingrich, 5%; former Sen. Rick Santorum of Pennsylvania and former Utah Gov. Jon Huntsman each got 1%.)
    The take home message here is that i) deflation, especially for things that people need, is rampant, ii) everyone loves the Fed, and iii) sarcasm is a popular trope on the pages of Zero Hedge.
    h/t John Lohman

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
  • Dutch
    Banned
    • Nov 2000
    • 2818

    #2
    Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

    groceries keep going up and up - anyone that tell you there isnt any infaltion is either not living in the real world or lying, or too damn dumb to figure it out. I had to buy sugar a couple days ago- now at $3.08 a 5 lb bag- thats up better than 50 cents over a year ago. when you actually compare apples to apples, Ie price per ounce, and not price per unit, you see that manufacturers are downsizing package contents in order to fool the consumer - you see what is really happening.

    Comment

    • Tylerdurden
      Banned
      • Jul 2006
      • 19903

      #3
      Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

      Yep, Norman and Keith were all over that last time I posted a similar article with charts and graphs, full color 8x10's and so on. People feel it and anger is rising day by day. It might not be affecting the fat SOB club but it is affecting the average joe who far out number them.

      Comment

      • Tylerdurden
        Banned
        • Jul 2006
        • 19903

        #4
        Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

        Comment

        • Cuyahoga Chuck
          # 7727
          • Dec 2003
          • 12984

          #5
          Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

          A grocery thread? You can't build no paranoid plot based on the price of groveries,can you?

          Comment

          • peb
            Papist and Texan
            • Feb 2004
            • 14281

            #6
            Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

            I buy all the groceries for a large family. Trust me, over the last two years, groceries have gone up a lot. Buying habits have not changed much over the last two years. But if anything, we have been eating out a little more, so groceries should be slightly less. Types of food: very similiar. Where I shop: has not changed; split between the same two stores at about same ratio. Grabbing weekly data out of quicken, and doing a moving average of 8 weeks, it gives a very good picture. Prices have gone up for groceries around 30-35% over the last two years. This corresponds to what I see in my budget tracking also.

            Anyone who says we do not have high inflation, simply does not buy groceries.
            Last edited by peb; 08-17-2011, 10:36 AM.

            Comment

            • S.V. Airlie
              Ancient Mariner
              • Dec 2006
              • 63914

              #7
              Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

              ped..So true. I would love it if Obama bought groceries at the Stop and Shop. May be he will hit WalMarts on his way through to a town meeting.

              Comment

              • S.V. Airlie
                Ancient Mariner
                • Dec 2006
                • 63914

                #8
                Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                You are now talking about the past Joe, something that you refused to do and said that I shouldn't compare the past to the present.We are now in the present, and not 1920.

                Comment

                • Paul Pless
                  pinko commie tree hugger
                  • Oct 2003
                  • 124802

                  #9
                  Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                  Originally posted by peb
                  Anyone who says we do not have high inflation, simple does not buy groceries.
                  Of course there are accurate measures of food price inflation. I like getting away from BLS numbers and use the USDA's commodity food price index, which tracks cereals, meat, sugar, milk, vegetable oil, common fruits and orange juice. Last I checked it was up over three percent year to date.
                  Simpler is better, except when complicated looks really cool.

                  Comment

                  • S.V. Airlie
                    Ancient Mariner
                    • Dec 2006
                    • 63914

                    #10
                    Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                    Go sailing Joe. Turn on your motor. Norman says it is okay to do so it must be.

                    Comment

                    • Paul Pless
                      pinko commie tree hugger
                      • Oct 2003
                      • 124802

                      #11
                      Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                      Originally posted by Joe ( Cold Spring on Hudson )
                      Maybe some beer. . .
                      Coors Light?
                      Simpler is better, except when complicated looks really cool.

                      Comment

                      • S.V. Airlie
                        Ancient Mariner
                        • Dec 2006
                        • 63914

                        #12
                        Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                        Hey Joe, it is not about what a president ate but his policies ( speak softly and carry a big stick). Those are the ones that come back to haunt us. Using food in you example amounts to nothing and are irrelevant.

                        Comment

                        • goodbasil
                          Basil
                          • Feb 2005
                          • 5537

                          #13
                          Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                          ...and they are expected to rise another 20% by the end of the year.
                          basil

                          Comment

                          • ishmael
                            Banned
                            • Jun 2000
                            • 23518

                            #14
                            Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                            I don't think it a controversy that food prices have been going up. Basic commodities like corn, wheat and soy are all up signifigantly for a variety of reasons. I think the main one is demand. Countries that were third world are becoming second or even first, and they want a richer diet.

                            On a personal note: A trip to the grocers just three years back might have cost me fifty to sixty bucks, which was living quite well, though by no means extravagent. Now, the same trip is easily seventy to eighty, and if I want splurge it can top a hundred. I also eat less meat, more beans and rice.

                            Comment

                            • S.V. Airlie
                              Ancient Mariner
                              • Dec 2006
                              • 63914

                              #15
                              Re: Record Number Of People Say They Are Paying More For Groceries Now Than Ever Befo

                              Beans are fine as long as you live alone Ish. LOL

                              Comment

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