The cost of inflation......

[trent]

UPDATE...

Speaking of wings and beating cost of inflation?

HARVEY, Ill. — WGN Investigates has an update to a story that was first reported more than a year ago.

A south suburban school worker has pled guilty to stealing $1.5 millions worth of food, mainly chicken wings.


UPDATE

CHICAGO - Kansas City Chiefs defensive tackle Chris Jones has offered to pay for more than $1.5 million worth of chicken wings stolen by a south suburban school worker in an effort to secure her release from prison.
In a post on X (formerly Twitter) on Tuesday, Jones said he would cover the cost of the stolen chicken wings to free Vera Lidell, 68, who was sentenced to nine years in prison on Friday for the theft.

"I'll pay for the wings that she stole t

[bwringer]

The FTC is actually taking action here. Or at least discussing the idea of maybe taking action perhaps at some point in the indefinite future, maybe. Then again, they generally don't announce things publicly unless things are already in process:

https://www.usatoday.com/story/money/2024/03/21/ftc-report-grocery-chains-gouge/73059901007/

Large grocery store chains exploited product shortages during the pandemic by raising prices significantly more than needed to cover their added costs and they continue to reap excessive profits, according to a Federal Trade Commission report.

The grocery giants also used their marketing power and leverage to widen their advantage over smaller competitors, according to the report, titled “Feeding America in a Time of Crisis.”

“As the pandemic illustrated, a major shock to the supply chain have cascading effects on consumers, including the prices they pay for groceries,” FTC Chair Lina Kahn said in a statement. “The FTC report examining US grocery supply chains finds that dominant firms used this moment to come out ahead at the expense of their competitors and the communities they serve.”

In a nutshell, quite a lot of the "inflation" we're seeing (and not just in groceries) is simply profit-taking. Turns out you can hike the price of eggs and peanut butter, blame the politicians/pandemic/everyone else, and skip away with a LOT of added profit mostly scot-free. And then use that leverage to crush or buy out the competition.

There's a somewhat similar issue happening with rent; turns out most landlords, and pretty much all the corporate property owners, are using the same software to collude on raising rents, and this is (slowly; these things take a lot of time) getting enforcement attention. (They claim it's not collusion just because software and databases have efficiently replaced the cigars and smoky back room dealings. Riiiiight.)

In real estate in general, a massive supply crunch has been building for decades. And that's a whole 'nuther topic, but in any case one way or another we were in for a massive spike there, pandemic or no.



This isn't just groceries. As many of you know, the prices of motorcycle tires jumped by an unconscionable percentage (many by 60-80%) about 1.5 - 2 years back, and they haven't gone back to anywhere near normal. This has had a rather profound effect on my life.

This is not the general, normal inflation that happens over time; this was explicitly a decision by several specific companies to take the chance to raise prices to a much larger degree than warranted by the increases in costs, and keep the profits. They saw an opportunity to deflect the blame, and some took it with both hands.

In my grocery world, Kroger has hiked prices the most by far, and I've pretty much stopped shopping there. Meijer and Costco seem to have kept price hikes to a minimum, so they get my business. Then again, I'm lucky enough to have several choices in places to shop and more than one reliable grocery-getter on hand. Many people do not have these choices.

[Baatfam]

Exactly, Brian. Corporate greed at it's best.

[Cipher]

The sad thing is economics when freed from politics and hidden personal agendas of theorists is a lovely social science that can almost drop the social bit.
Inflation rose because of a huge rebound in demand after covid and because every rich person who suffered losses joined forces with his kind to make it all back and then some. The first part was unavoidable and the second a reminder to governments that they do no control the economy.

You no longer see strip loins or t-bones at the grocery store here. Its all artless variations on sirloin.
I just get a tenderloin at Costco and do the sensible small portion and am ahead of the game.

it has long since gotten to the point where poor people are eating cheap crap to stay alive.
but im not poor.

[Brendan W]

And here comes the camel and the eye of the needle again.
How long ago was that?

[LAB3]

One report I recently saw said that since the beginning of the pandemic inflation is up 20% overall, wages are up only 12%. Guess we get to blame those fast food workers and grocery clerk's for that one wanting a fair wage and all

[salty_monk]

One of the most interesting aspects of this bill is that it gives single family homeowners the right to construct an ADU on their property. This is new to many areas in MA. Attached in-law apartments have been allowed with a special permit in many communities. This bill allows it in all communities and it includes detached units up to 900 sq ft and the biggest change is that these units do not need to be occupied by the owners or family members.

This is a game changer in Mass..........Victory! Unfortunately, I am not sure I believe this will lower anyones costs.

This is following along from California. I just finished building a 2 bed... it started with you had to live in one or the other, now you can rent both & they are fighting over being able to split the lot as a condo...

[salty_monk]

and more than one reliable grocery-getter on hand. Many people do not have these choices.

I only have one wife... the kids aren't reliable grocery getters yet

[rphillips]

Kroger still thorn in my side about Kroger. Yrs. ago they gave you a little orange card then hiked their prices, said if you would show their little card they'd bring their price back down to something more reasonable. Today they jack their prices up a lot, then bring that price down a little... And millions of folks fell for it... Guess it's good if them and Kroger are both happy.

[Rob S.]

The person who invented that 'member card' many years ago is a genius and worshipped in the ad/marketing world. They overcharge you, you use your card, and, "Wow, look at all the money I saved!" My store even shows you a y-t-d amount on every receipt.

[rphillips]

Rob, do you realize how many folks think "wow, look at all the money I've saved" is really happening?

[bccap]

Rob, do you realize how many folks think "wow, look at all the money I've saved" is really happening?

The same folks who think .... " Wow ! If I switch to that laundry detergent my clothes will be cleaner ! " .......

[rphillips]

""""""exactly""""""

[trent]

Years ago I gotta laugh out of some local folks that flocked as fast as they could to this all purpose farm supply business that advertised "buy three tires and the forth one is free"""


Drive to a place five miles down the road to auctual tire shop with same exact tire brand and all.... they had a sign that said"" Get four tires for the price of three"" with a smiley face after !!

[Rob S.]

"" Get four tires for the price of three"" with a smiley face after !!

(Air not included.)