by Mish Shedlock, Mish Talk:
On Wednesday the BLS released CPI data. For overall details, please see CPI Year-Over-Year Drops a Bit, But Is it Believable?
This post is a closer look at food prices.
Year-Over-Year Seven Categories
- Cereals and Bakery: 10.3%
TRUTH LIVES on at https://sgtreport.tv/
- Meat, Poultry, Fish, Eggs: 14.3%
- Dairy: 9.1%
- Fruits and Vegetables: 7.8%
- Other Food At Home: 11.0%
- Beverages: 9.8%
- Food Away From Home: 7.2%
CPI With a Spotlight on Food
- CPI: 8.3%
- CPI Excluding Food: 8.1%
- Food: 9.4%
- Food at Home: 10.8%
- Food and Beverage: 9.0%
Food Components in the CPI
- Total Weight: 13.361%
- At Home Weight: 8.245%
- Away From Home: 5.116%
These percentages tend to change every month. More specifically, the weights of everything typically change every month.
I covered shelter in my previous post but let’s have another look.
Key Shelter Points
- Year-over-year rent was only up 3.8% in January and 4.8% in April.
- Year-over-year OER was only up 4.1% in January and 4.8% in April.
- OER is 23.816% of the CPI in April.
- Rent is 7.278% of the CPI in April.
OER is the mythical price one would pay to rent one’s own house from himself, unfurnished, and without utilities.
Is rent and OER only up 4.8%? If you believe that, then the CPI numbers are believable.
OER and Rent are 31.1% of the CPI.