This from the associated press:
“Higher energy costs and the steepest rise in food prices in nearly four decades drove wholesale prices up last month by the most in nearly two years. Excluding those categories, inflation was tame.”
“And otherwise, Mrs. Lincoln, how did you like the play?”
“Food prices soared 3.9 percent last month, the biggest gain since November 1974. Harsh winter freezes in Florida, Texas and other southern states sent fresh vegetable prices soaring, representing 70 percent of the increase. Tomatoes, green peppers and lettuce all more than doubled in price.
Meat and dairy costs also rose, reflecting higher prices for corn and soybean that are used in animal feed. Economists expect food prices to keep increasing for the rest of this year. Earlier this month, the UN’s Food and Agriculture Organization said world food prices have risen to their highest point since 1990, when the agency first began tracking them.
Gas prices also spiked in February and are even higher now. The national average price was $3.55 a gallon Wednesday, up 42 cents from a month earlier, according to the AAA’s Daily Fuel Gauge.”
read more here
Meanwhile, a new study by the Brookings Institution shows that real wages have actually declined since 1969.
This is stagflation taking hold.