Here we are again.
At this point I sadly feel as if I can write these posts a month in advance and just hit “publish” on the day the Consumer Price Index comes out.
But lather, rinse, repeat. As has become usual, here we are again.
Today the Bureau of Labor Statistics released their previously “boring-to-everyone-but-the-stat-and-econ-nerds” Consumer Price Index, which has sadly become must-read for everyone.
Do you remember back in April when they tried to sell everyone on the idea that we had hit so-called “peak inflation” when it rose to an increase of 8.4% year-over-year, only then to be outpaced by May’s increase of 8.6% year-over-year?
Well, today June’s increase just said “hold my beer” to April’s and May’s.
Clocking in at a whopping 9.1% increase year-over-year, June’s numbers should hopefully usher in a new crop of “experts” to go on TV and be wrong about all of this.
But to add a little perspective to all this, a 9.1% increase in June 2022 over June 2021 begs the question:
What were prices in June 2021?
Well, at that time, we could have written an article about how prices rose a then-whopping 5.4% year-over-year from June 2020.
5.4% would be considered peanuts or “the good ol’ days” to us now, but at the time it was big news and really affecting peoples’ finances.
So that means in June we experienced a whopping increase over a previous whopping increase.
That’s whopping squared for those of you keeping track at home.
I know there is a lot of snark in today’s post, but it might be necessary considering this inflation we are all experiencing is what one might call “elective inflation”.
Meaning it did not need to happen, but is happening due to the elective choices made by politicians not just here, but around the globe.
So what next? You know this site is not here to provide doom and gloom with no solutions.
Well, if you’ve been here before, you might know what I’m about to say next.
Stock up on food.
In an inflationary environment such as this, the best time to stock up on long-lasting staples is always yesterday, because they are not getting cheaper tomorrow.
Each day that goes by while prices are rising represents more money coming out of your pocket that does not need to, so stock up now.
I will not even get into the rumors of possible food shortages looming from lack of fertilizer available to farmers, supply chain issues, or otherwise.
The point is, the best time to prepare you and your family to withstand whatever may come in the future is always now.
So I encourage you all to do what is right for your financial situation and take the prudent steps to prepare that make the most sense for you.
But doing nothing is no longer an option.