Household Budget: Watch Out for Food Prices Inflation
It’s a good thing summer is on its way. We’ll be planting a garden soon, and that will help us alleviate some of the impact that food prices inflation will have on our household budget.
Right now, the big story is that oil prices hit $114 a barrel yesterday. People are talking about gas prices. And it’s true that gas prices are going to take a toll on many a household budget. They probably already are.
But with the release of the latest inflation data from the Labor Department, it’s apparent that we all need to be mindful of food prices inflation as well. AFP reports on wholesale costs:
“Wholesale costs are rising and the consumer should expect more shocks at the supermarket and the gas station,” said Joel Naroff, the president of Naroff Economic Advisors.
What does this mean for you? It means it’s time to prepare. If you can, plant a garden. Even a container garden can be helpful in terms of providing fresh, low-cost produce for your table. Try to plan your trips, and consider the types of things you buy. It may be time to cut back on some of the unnecessary items that you purchase each month.
Core inflation takes out food and energy costs, and it shows a very manageable 0.2 percent. But that doesn’t represent reality for most American families. Energy and food are the biggest expenditures — and they have the biggest impact on the household budget.
What are you doing to prepare for gas and food prices inflation?
image credit: Tijmen Stam
Tags: container garden, Core-inflation, food prices inflation, household budget, oil-prices, personal finance blog, personal-financesRelated Stories
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7 opinions for Household Budget: Watch Out for Food Prices Inflation
Consumer Sentiment Hits Stock Market - Money & Investing - Banks.com
Apr 25, 2008 at 11:28 am
[…] continuing to climb, many are concerned about family budgets. New worries include how to deal with food prices inflation, in addition to concerns over gas prices. Focus is not longer on consumer spending, and the stock […]
Commercial Real Estate Has Its Own Mortgage Market Crisis - Mortgage Rate News
Apr 25, 2008 at 11:49 am
[…] as individuals wonder how they are going to deal with rising gas prices and food prices inflation, commercial real estate is starting to see the problems associated with the mortgage market crisis. […]
Household Finances: Oil Prices | Quick Loan Finder
Apr 28, 2008 at 5:12 pm
[…] costs of food are going up as well. Between "economic stimulus" measures and gas prices, food prices inflation is also becoming an issue in household […]
Honolulu Hawaii Properties & Resort News » Blog Archive » Are You Getting a Tax Rebate?
May 10, 2008 at 8:05 pm
[…] record oil prices and food prices inflation, it is expected that many will spend the tax rebate not on a consumer spending spree, as the […]
Baton Rouge Real Estate Voice » Blog Archive » Tax Rebate Deposits Coming to Baton Rouge Today
May 20, 2008 at 5:44 pm
[…] people are concerned about rising oil prices and food prices inflation. It is assumed by experts that most people will use their tax rebate to pay for necessities, or to […]
Mortgages - Commercial Real Estate Has Its Own Mortgage Market Crisis - Banking Blogs, Expert Advice on Goldparked.com
Jun 6, 2008 at 11:24 pm
[…] as individuals wonder how they are going to deal with rising gas prices and food prices inflation, commercial real estate is starting to see the problems associated with the mortgage market crisis. […]
The Economy: What Do Economists Say? - Mortgage Rate News
Jul 7, 2008 at 10:39 am
[…] for energy and food. Even though oil prices are down today, the overall trend is still higher, and food prices inflation continues mostly unabated. These higher prices, some economists contend, will only hinder the […]
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