Ground beef prices hit all-time high in US

Monday, September 1, 2014
By Paul Martin

by: Ethan A. Huff
NaturalNews.com
Monday, September 01, 2014

Disingenuous claims by the Obama Administration of widespread economic recovery are blighted by new data recently put forth by the Bureau of Labor Statistics (BLS). According to the latest figures, the average price of ground beef in the U.S. has now reached $3.884 per pound, the highest amount ever recorded.

Over the course of just one year, the average price of ground beef has jumped by more than 12 percent, based on the figures, up from $3.459 per pound last July. This represents a more than 42-cent increase per pound, an amount staggeringly higher than the typical inflation rate. And since 2009, the average price of ground beef has risen by an unprecedented 81 percent.

The consumer price index, which uses a numerical series to measure movements in food costs, has also risen dramatically in recent years. For ground beef, the seasonally adjusted uncooked ground beef figure was 270.724, which means that ground beef has risen in cost by more than 170 percent since the reference period of 1982-84. This is down just slightly from the all-time high of 271.726 in June.

The consumer price index is a “tool that simplifies the measurement of movements in a numerical series,” explains the BLS. “An index for 110, for example, means there has been a 10-percent increase in price since the reference period.”

Back in 1947 when the BLS first began tracking this index, ground beef clocked in at a mere 26.5. Today, that figure has multiplied by a factor of about 10, showing how dramatically the price of ground beef has escalated compared to average wages. And this is true in almost all food categories, based on the data.

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