Idaho Inflation Rate Hit 7.7 Percent in January
A cattleman told me this morning he would gladly take Donald Trump’s mean tweets in exchange for a return to $1.50 gasoline. He also explained inflation is crushing beef and dairy farmers. They aren’t seeing any profit from the inflationary increase from the grocery shelves. The price of hay has skyrocketed. Farm expenses could spell a crisis on a level we haven’t seen in forty years. And there aren’t many small and family-owned outfits left. Inflation could bring about a food supply controlled by a handful of conglomerates.
Idaho Remains Higher Than National Average
Nationally, the 7.5 percent increase in the Consumer Price Index in January is the highest since 1982. Keep in mind that inflation in Idaho is averaging more than a point above the national average. Or it was. In January, it looked as if growth statewide was 7.7 percent.
I walked into a grocery store last weekend and bought a frozen pizza. The first frozen pizza I purchased in almost a year. It was a store brand. It used to cost me $2.99. Now it’s $3.79. Not a deal-breaker, but a steep percentage increase. Factor in all of the other products you buy and after a few weeks this is a significant dent in your cost of living.
Currency is Debased
There will be numerous culprits blamed in the coming days but let’s not forget some very telling causes related to monetary policy. Eight years ago, the national debt stood at 14 trillion dollars. Today it stands at 30 trillion dollars. Also, 80 percent of all dollars in circulation have been printed over the last two years. Money is devalued and to the point, it’s outpacing wage gains.
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