Supermarket Scramble: Food Spending's Share Of Disposable Income Hits Highest Level In Three Decades
https://www.zerohedge.com/markets/supermarket-pains-food-spendings-share-disposable-income-hits-highest-level-three-decadesThe most recent inflation prints (CPI & PPI) are the latest examples of Bidenomics failing Americans. For many, the supermarket is a painful experience (much worse than gas stations) as prices for everyday necessities remain elevated while real wages are negative once again. The risk of inflation re-accelerating is even more terrible news for consumers ahead of spring.
We penned a note earlier this month titled "Food Inflation Is Not Yet Dead" as commodity prices for cocoa beans, ground beef, robusta coffee, and orange juice, among many others, continue marching higher despite the Biden administration's promise that Bidenomics is working.
A startling new report from the Wall Street Journal shows consumers spent 11.3% of their disposable income on food, the highest level since the early 1990s.
Food spending is at a 30 year high. The last time that happened was in the early 1990s. So much for Bidenomics.
