With rampant inflation still beating on every part of the economy, it appears that food and other necessities will continue hitting record highs. Owed mainly to the rising cost of fuel and labor, several major companies, including the world’s largest fast-food chain, say that food costs will continue skyrocketing and consumers will ultimately pay the price.
As President Biden tries to blame the “Putin price hike” for rising costs, most voters aren’t buying it, especially since the inflation and spiking gas prices started well before Russia invaded Ukraine.
The end result will be rising costs for everyday staples as household budgets continue getting eaten by the Biden price hike:
Executives at companies like Kraft Heinz, Tyson Foods and even eateries like McDonalds have announced they will continue to raise prices, as they face these higher costs, according to the Wall Street Journal.
Kraft, for example, notified retailers on Monday that it would raise prices in August on items ranging from Miracle Whip and Classico pasta sauce to Maxwell House coffee products and some deli meats.
Cory Onell, the company’s chief sales officer, wrote to investors that the persistent increase in costs makes it necessary to announce price increases.
And executives at McDonalds and Tyson Foods said they will soon have to increase their prices even more amid high costs of production as high fuel costs make it more expensive to produce and sell food.
All major food groups including dairy, meat, and grains have continued rising across the board. There does not seem to be a ceiling anywhere in sight:
CHART: Eggs up 32.2%; Whole milk up 16.9%; Bacon up 15.3%; Chicken up 17.4% Lettuce up 11.4% — there is no escaping inflation no amount of spin will shield Biden. https://t.co/d9EaaVx7ga pic.twitter.com/buSgycwGEP
— Philip Klein (@philipaklein) June 10, 2022
Last week, when asked about the gruesome inflation report, Biden stuck to the “Putin price hike” canard and attempted to pass the buck for his own failed economic policies:
President Biden: "Today's inflation report confirms what Americans already know. Putin's price hike is hitting American hard." pic.twitter.com/7sdVHsTRZe
— CSPAN (@cspan) June 10, 2022
Everyone with half a brain knows that inflation was already out of control well before Russia started rolling tanks on Ukraine. Has it helped the situation? Of course not, but it’s dishonest for Biden to escape any responsibility for problems his administration was repeatedly and fervently warned about throughout 2021 and continue placing blame at the feet of Vladimir Putin.
Take a look at this Tweet from an NBC News reporter. The average household is now paying $460 more a month for the same goods and services they were buying in June of 2021:
This is a stunning inflation stat from NBC's @charlieherman
According to Moody’s Analytics – compared to a year ago – American households are paying $460 more per month to buy the same amount of goods and services.— Doug Adams (@DougNBC) June 10, 2022
But, it’s the “Putin price hike” and that’s what the Biden administration aims to stick with.
The problem for the White House is that putting a positive spin on truly awful news and circumstances is next to impossible at this point. Biden still laments that he’s not getting credit for other positive numbers in the economy, but that’s because they’re vastly overshadowed by the fact that the price of the same goods and services in 2021 now costs almost $500 more.
Where’s the positive spin on that? Not even the most obnoxious “Paski bomb” would be enough to turn opinions and drive a more positive news cycle for this beleaguered and inept administration.
The other problem for Biden is that the issue is hitting consumers right in the face on household brands they buy almost weekly:
Kraft Heinz – once a staple of easy-to-make and cheap foods – also raised its prices in the beginning of the year, with CNN reporting that one regional distributor to grocery stores received a letter in November saying it would raise prices on hundreds of items.
Varieties of Jell-O and Jell-O pudding, for example, would increase about 7 to 16 percent, while Bagel Bites increased roughly 10 percent and varieties of Cool Whip jumped by about 7 to 10 percent.
The price of a pack of EZ Mac also rose 3.5 percent, and a dish of Kraft Big Bowl Mac and Cheese increased a whopping 20 percent.
Tyson Foods increased its beef prices by an average of 24 percent over a three month period ending April 2, while its costs increased by 15 percent due to higher expenses for animal feed, freight and labor.
Its competitor Sanderson Farms Inc also raised prices for its products by about 34 percent for the quarter ending on April 30.
Mondelez – the creator of Chips Ahoy! and Belvita – meanwhile, increased its prices between 6 to 7 percent in January, and CEO Dirk Van de Put announced recently that more prices increases will come.
Cookies, ketchup, Jell-O, chips, bagel bites — all items you’d find in an average kitchen pantry or freezer. It’s impossible to miss it and it’s impossible for Biden to pretend it’s not happening or it’s all Putin’s fault.
The Biden price hike is unmistakable and an anchor around the neck of every Democrat running in 2022.
