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So if you’ve got space to hoard it, and you’ve been planning a project, now’s probably a good time to buy your lumber order huh? Or wait more???
From copper to wheat to natural gas, the cost of some of the world’s most important products is crashing, bringing long-awaited relief for consumers that were stung by last year’s soaring prices.-- Bloomberg
The commodity crunch unleashed by Russia’s invasion of Ukraine has taken a sharp reversal, with a Bloomberg gauge dropping more than 10% since the start of the year to the lowest since 2021.
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For households and businesses, the benefits are already starting to show up as headline inflation rates fall, taking some pressure off central banks to keep aggressively raising borrowing costs.
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Energy prices have been at the forefront of this year’s commodities plunge, particularly in Europe, where natural gas futures have tumbled by about two thirds this year after shooting to records last summer.
Even oil and its derivatives have gotten cheaper, despite an agreement by producing countries to curb crude output. Diesel prices in the US have fallen more than 30% from their 2022 peak, providing relief for truckers, farmers and consumers in the world’s largest economy.
In Germany, inflation slowed more than forecast in May, driven by energy, according to data published Wednesday. Price growth is cooling across the region, a trend expected to be seen in euro-area numbers due Thursday.
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Futures for wheat have more than halved from last year’s record high.
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Brazil is collecting its biggest-ever corn and soybean crops, tempering feed bills for chicken and hog herds. And vegetable oil prices have dropped sharply.
Restaurants and retailers are starting to take note. Last week, the chief financial officer of US burger chain Red Robin Gourmet Burgers Inc. said on an earnings call that commodity inflation was less strong in the first quarter than expected and should continue to moderate. The head of BJ’s Wholesale Club Holdings Inc. said the retailer has “seen disinflation across the business.”
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“I would expect food prices to fall over the next six months, that’s certainly the forecast here in the US,” said Joseph Glauber, senior fellow at the Washington-based International Food Policy Research Institute. “All the signs on the commodity side still point to essentially lower prices by the end of the year with the new harvest in. It’s just taking a while for this inflation at the consumer level to abate.”
"I don't feel the pain of inflation anymore. I see prices rising but I have enough... I sometimes balk at the price of things, but I don't find myself in a space where I have to make tradeoffs because I have enough, and many Americans have enough."
- SF Fed President Mary Daly
In 2021, Mary Daly made $500K, just in salary. There were 1,800 employees at the San Francisco branch alone. She had 140 'other officers’ making an average of $272k each, plus juicy benefits, bonuses and pensions.
"Yeah, she has enough, so fuck the plebes. "
Ripped off from another thread:
This demographic plays a crucial role in driving consumer spending, and the sudden increase of approximately $393 per month in loan payments will likely lead to reduced discretionary income and a potential decrease in spending capacity. "
Biden's regulations have cost Americans almost $10,000 per household - and could spike to $60,000 if he is elected in 2024
Analysis found Biden regulations cost Americans $10,000 per household since 2021 – with one-third of the cost coming from new fuel and emission standards
Total per household could equal $60,000 by 2028 if Biden wins a second term
So, gas prices can only go to $9.99 a gallon because the pumps only have 3 digits, right?
Inflation continues to trend downward. I suspect it will settle between 2.5% and 3.5% in 12 months.
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Damage is already done. What is the overall inflation since Biden got in.
"Cheap bread 2 yrs ago: 88c/loaf
Now: 2.19"
Bd6r says
"Cheap bread 2 yrs ago: 88c/loaf
Now: 2.19"
This says that the inflation on bread alone is 249%. The claim that we have 8% inflation is bunk.
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https://patrick.net/post/1344548/2022-04-11-putin-s-price-hike-failing-administrati
Frankly, I prefer my spaceship to have big tits and not fake inflated ones.
EDIT - numbers drop:
America goes back to the 80s: Surging gas prices and higher rents push inflation to 41-year high of 8.5% as White House blames it on Putin invading Ukraine
The consumer price index rose 8.5% in March from a year ago, the fastest increase since December 1981
Housing costs, which make up about a third of the index, have escalated and show no signs of cooling
Gasoline prices soared 49% in March from a year ago as the war in Ukraine rocked energy markets
Biden's administration tried to get ahead of the dire inflation news by blaming Russian leader Vladimir Putin
But Republicans place the blame for soaring prices on 'Democrats' reckless spending and failed policies'
https://www.dailymail.co.uk/news/article-10711311/Inflation-soars-new-41-year-high-8-5.html?source=patrick.net