An American bakery in an unspecified location has given its customers, and now the rest of the country, a stark visual explanation of why the retail prices of baked goods have been going up so much this year. The sign is an indication that things could go very poorly for Democrats in next month’s midterm elections, as more voters find that the disastrous Biden economy is at the front of their minds as they consider who to vote for.
Inflation causing higher prices at the local bakery, explaining all of the price changes for his ingredients. pic.twitter.com/q51hDV1q3U
— Wall Street Silver (@WallStreetSilv) October 9, 2022
The wholesale prices of some of the input goods shown on the list have more than doubled since Biden assumed office in January 2021. Eggs alone have gone from around $41 to more than $92 for the same quantity.
As the Biden administration and the Democratic Congress have flooded the U.S. money supply with gargantuan spending in the name of “COVID relief,” energy policies designed to destroy American independence have added a continuing energy crisis onto the burning fire.
Transportation costs are continuing to skyrocket as diesel prices remain at record levels. Diesel fuel was sitting at a nationwide average of $5.12 per gallon on Tuesday. That compares to $3.46 just one year ago.
Voters, market analysts, and the Federal Reserve are meanwhile bracing for this week’s inflation reports from the Bureau of Labor Statistics. On Wednesday, the report on the September Producer Price Index (PPI) will be released, with the retail-oriented Consumer Price Index (CPI) for last month coming out on Thursday.
Analysts are expecting both numbers to go down somewhat from the August PPI of 8.7% and CPI of 8.3%. A moderate decline will likely not be enough for the Fed to back away from its currently aggressive posture toward interest rate hikes designed to tamp down the raging inflation hammering Americans. Most experts expect one or two more substantial interest rate increases before the end of the year.
The labor market has been flattening through the summer, with still more than 10.1 million jobs open and unfilled. Currently, there are around 1.7 jobs available for every worker apparently seeking work. That could certainly encourage the Fed to continue to bump interest upward despite fears that a significant recession is coming, if not already here.