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Bernanke Stole My Milk Money

May 14, 2008 – Comments (3)

Thanks a ton, Benny and the Inkjets.

Of course, none of this matters much to well-off, ivory-tower bank-bailer-outers like Ben and his gaggle of nodding bobbleheads. They look at fake inflation numbers that make them feel better about insane interest-rate cuts and "liquidity" they've been throwing out in order to try and re-inflate an economic bubble that they should have popped long ago.

The food and beverages index rose 0.9 percent in April.  The index
for food at home increased 1.5 percent, following a 0.2 percent rise in
March.  Each of the six major grocery store food groups contributed to the
larger advance in April.  The index for fruits and vegetables, which rose
0.1 percent in March, increased 2.0 percent in April.  The indexes for
fresh fruits and for processed fruits and vegetables increased 3.2 and 3.4
percent, respectively, while the index for fresh vegetables declined 0.2
percent.  The index for cereal and bakery products, which increased 1.3
percent in March, rose 1.4 percent in April.  Prices for bread increased
1.5 percent and were 14.1 percent higher than a year earlier.  The index
for meats, poultry, fish, and eggs, which was virtually unchanged in
March, advanced 0.9 percent in April.  A 1.1 percent decline in beef
prices was more than offset by increases in the indexes for pork, for fish
and seafood, and for poultry--up 3.4, 2.6, and 0.7 percent, respectively.
The index for dairy products turned up in April, increasing 1.2 percent.
Milk prices rose 0.9 percent and were 13.5 percent higher than in April
2007.  The index for nonalcoholic beverages increased 1.7 percent,
reflecting large price increases for coffee and for carbonated drinks--up
4.0 and 2.2 percent, respectively.   The index for other food at home rose
1.9 percent in April, reflecting large increases in most categories.  In
particular, the indexes for butter and for margarine increased 7.8 and 6.5
percent, respectively.  The other two components of the food and beverages
index--food away from home and alcoholic beverages--increased 0.3 and 0.6
percent, respectively.