Keynesian economists and proponents of the Obama administration like to make the case that inflation is invisible and that consumer prices are quite low. However, the U.S. Department of Agriculture continues to state the opposite.
This year, according to the USDA, food price inflation is expected to rise between 2.5 and 3.5 percent. The federal department said Tuesday that thi includes overall food, food-at-home and food-away-from-home prices.
As Economic Collapse News has noted before, consumers can expect to pay higher prices this year for some of these food items:
– Peanut butter
Between 2006 and 2012, food price inflation was greater than overall price inflation, according to USDA data utilizing numbers from the Bureau of Labor Statistics (BLS) and the consumer price index (CPI).
Of course, like any other government data, expect those numbers to be higher than what is actually reported.