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THIRTY PERCENT !!!! Yes, 30% !!!!
OK, JAMES likes the JIF “Extra Crunchy” while Mrs. JAMES likes the JIF Creamy Peanut Butter.
But, man, two of the midsize jars of the favorite sandwich and snack spread cost us nearly $13.00 this week. THIRTEEN DOLLARS!!
Can ANYONE explain this? I mean gas @ $4.00/ gallon, McArthur milk @ $5.00/ gallon……… now PEANUT BUTTER.
From today’s email INBOX:
” Next, we need a National Post-it Note Week, where everyone goes to gas
stations and grocery stores and puts a “High Gas Prices, High Food
Prices…NoBama 2012″ post-it note on the gas pumps and store shelves.”
“Someone contact Mike Huckabee and get the ball rolling.”
from the Wall Street Journal:
Reality: Food prices are already rising here much faster than the returns you are likely to get from keeping your money in a bank or money-market fund. And there are very good reasons to believe prices on the shelves are about to start rising a lot faster.
“Load up the pantry,” says Manu Daftary, one of Wall Street’s top investors and the manager of the Quaker Strategic Growth mutual fund. “I think prices are going higher. People are too complacent. They think it isn’t going to happen here. But I don’t know how the food companies can absorb higher costs.” (Full disclosure: I am an investor in Quaker Strategic)
Stocking up on food may not replace your long-term investments, but it may make a sensible home for some of your shorter-term cash. Do the math. If you keep your standby cash in a money-market fund you’ll be lucky to get a 2.5% interest rate. Even the best one-year certificate of deposit you can find is only going to pay you about 4.1%, according to Bankrate.com. And those yields are before tax.
Meanwhile the most recent government data shows food inflation for the average American household is now running at 4.5% a year.
And some prices are rising even more quickly. The latest data show cereal prices rising by more than 8% a year. Both flour and rice are up more than 13%. Milk, cheese, bananas and even peanut butter: They’re all up by more than 10%. Eggs have rocketed up 30% in a year. Ground beef prices are up 4.8% and chicken by 5.4%.
These are trends that have been in place for some time.
And if you are hoping they will pass, here’s the bad news: They may actually accelerate.
Santelli To Liesman: “You Don’t Say Anything I Find Interesting To Hear!”
Earlier this morning, a flurry of tweets about Rick Santelli emerged on Twitter. Something was up. Fast forward to 4:20 in the clip below to watch Santelli blow up at his guest Steve Liesman over markets.
The big quote: “You don’t say anything I find interesting to hear.”
Thanks to Zerohedge for finding the video.