Wednesday, August 3, 2022

Joe Biden: Americans Complaining About Inflation Forgot We Sent Them a Check for $8,000; Food Inflation Surges Over 10%; Inflation Fuels Higher Demand at Food Banks as Grocery Prices Soar

Joe Biden: Americans Complaining About Inflation Forgot We Sent Them a Check for $8,000:
President Joe Biden on Thursday reminded Americans suffering from inflation and high gas prices that he sent them a check for $8,000 in 2021.
“There’s reason to be down but I started thinking about it … the first year, we were able with the rescue plan, we were able to send them a check for eight grand,” he said. “I mean a check. Beyond that by the way, there was more than that.”
The president spoke about the trillions he spent in the Democrat-passed American Rescue Plan during a conversation he had with his economic advisers on the state of the economy. His mention of the “$8,000 check” was likely a reference to the temporary expansion of the child tax credit provided to some families in 2021 until it expired this year.
Biden complained that Americans forgot what he did for them in 2021, even as he admitted it was “totally understandable.” --->READ MORE HERE
Photo by Brandon Bell/Getty Images
Food inflation surges over 10% — here are the new costs for family dinners:
Although inflation — which surged to 9.1% in June — is driving up the cost of everyday goods, consumers are feeling a significant amount of pain when it comes to buying food.
According to the Consumer Price Index (CPI) – which is a broad measure of the price for everyday goods – food prices have outpaced overall inflation, rising 10.4% in June compared to a year ago. This takes into account food at home and at restaurants.
Inflation for food-at-home, which accounts for grocery store and supermarket food purchases, rose even higher to 12.2%, underscoring how consumers are not getting much reprieve by trying to cook at home.
The U.S. Department of Agriculture (USDA) recently raised its forecast on food price increases for 2022. The agency now estimates that all food prices will increase between 8.5% and 9.5% in 2022. Prices for food-away-from-home are expected to increase 6.5% to 7.5%, and prices for food-at-home are predicted to grow 10% to 11%. --->READ MORE HERE
Getty Images
Inflation fuels higher demand at food banks as grocery prices soar:
Almost half of the nation’s food banks are reporting an increase in the number of people who have been visiting pantries as runaway inflation has put groceries out of reach for those with limited incomes, according to a report.
Of the 200 food banks surveyed, some 45% of them saw more people ask for services, according to data from Feeding America.
Inflation surged 9.1% in June compared to the same period last year – a clip not seen in four decades.
Soaring consumer prices for basic foodstuffs like corn, rice, milk, juice and butter have forced many Americans to turn to pantries.
The price of gasoline is up 60% compared with a year ago, while cereal costs 15% more than it did last year.
Meat and poultry is 10.4% more expensive now than it was at this time last year while fruits and vegetables are 8.1% costlier, according to data from the Bureau of Labor Statistics.
“With food costs rising at their fastest rate in decades, we’re seeing many families that were already barely keeping their heads above water are now increasingly and more frequently relying on food pantries,” Jilly Stephens, the CEO of City Harvest --->READ MORE HERE
If you like what you see, please "Like" and/or Follow us on FACEBOOK here, GETTR here, and TWITTER here.

No comments: