Although inflation hiked at around 8.5% in March, many Americans feel that the inflation, when buying groceries, gas, and other items, is far higher than what the headlines state.
Earlier this month, the Labor Department released March’s inflation numbers. It was the steepest yearly rise since 1981. However, at 8.5%, most Americans feel the actual inflation rate for their everyday costs is much higher. The figures across headlines are generic, while actual inflation on basic needs continues to rise.
The Bureau of Labor Statistics stated that the average price of ground beef has gone up by almost 15% and bacon’s price rose around 23% in addition to the price of eggs going up by almost 26% with milk prices up by 17%, and so on. The price of fuel hiked by 71.5%, and utility gas cost went up around 23%.
However, these numbers mostly represent the inflation in urban America; the reality for middle America is far different.
In the Midwest, all uncooked beef products had a 38.2% price hike as compared to 25.4% in the urban areas. Boneless ham is 15% more expensive in the Midwest than it is in the cities. Chicken breast prices rose around 31% as compared to the 17.6% hike in the urban cities.
The investment firm Evercore ISI predicted that chicken breast prices will be 70% higher by the mid of 2022, in addition to pork and beef prices rising by 20%.
This is a phenomenon that many people have been experiencing in the midwest. They see the “8% inflation” headlines but notice their bills are mounting up. The Americans should not let the news media tell them inflation is good for everyday citizens because it’s not.
According to an Axios report, the statistics from the Labor Department reveal that many Americans, who are earning less than $40,000, couldn’t afford things like seafood and fresh meat, cars, and housing like they used to.
Since wages cannot keep up with the soaring prices, most Americans who do not get paychecks like politicians or millionaires are facing the worst consequences.
Bidenflation is severely impacting the lifestyle of the American consumers, but the mainstream media outlets are trying to downplay the rising prices by offering solutions like eating lentils or reducing expenditures.