The key indicator of inflation at the end of 2021 showed consumer prices up 7% with much concern over the direction of inflation for 2022. To make matters worse, data released last week by the U.S. Bureau of Labor Statistics show U.S. Consumer Price Inflation at the end of January is now running at an annualized rate of 7.5%.
The Wall Street Journal is predicting 5% food inflation in the first half of 2022 with our McNair Center predicting food prices could inflate by 7% or higher by the end of 2022.
Higher food prices in 2022 will be driven by two factors. The first will be our erratic and out-of-sync U.S. and global supply chain. The second and major cause of higher future U.S. food inflation will be the continuous expansionary monetary policy pursued by the U.S. Federal Reserve. Or simply put, the U.S. government will continue to print more money each month, outpacing the economy’s production of goods, services, and assets. With more money chasing relatively fewer goods, services, and assets, prices will continue to rise.
We carefully analyzed data from the U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, U.S. Federal Reserve Bank, Statista, and the National Retail Federation on issues related to the upcoming 56th Super Bowl and then drew the following conclusions on money spent on and around the Super Bowl and related festivities.
Whether you are in a casino, living room, sports bar, or have the money to travel to Los Angeles, inflation will ensure we will pay much more to enjoy Super Bowl LVI.
Content syndicated from Fee.org (FEE) under Creative Commons license.
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