Food and energy cost are getting higher!

in LeoFinance2 months ago

Making a person choose between feeding their family and paying the water bill, or the electricity and gas bill, or paying rent is criminal!

That is terrible! There is only so much money going around!

Make a list of your expenses and write them down. Figure out what the real cost of everything is!

Take a look at these.

Source of photo


Historical Inflation Rate for the U.S.

In the United States, the Bureau of Labor Statistics publishes the Consumer Price Index (CPI) every month, which can be translated into the inflation rate. The following is the listing of the historical inflation rate for the United States (U.S. dollar) since it is available.


Source: https://www.calculator.net/inflation-calculator.html




Here's what's happening to utility cost.

Source: https://www.doxo.com/insights/how-much-do-utilities-cost-for-the-average-us-household/

The increase that is affecting millions of people, straining household budgets and jeopardizing home health and safety, especially among low-income families, is caused by a number of circumstances, including the invasion of Ukraine, the pandemic, and climate-related occurrences. The largest rise, of 44% from the previous year, was recorded in fuel oil, which is still a significant source of home heating in the northeast but less so in the rest of the US. Since it is a petroleum product, its movement resembles trends in gasoline.

Source: https://www.theguardian.com/us-news/2022/mar/13/us-utility-bills-energy-prices-increase

Let's look at gasoline prices.

Gas prices in 2022 are significantly higher than the five-year national average, reaching $4.99 per gallon the week of June 16, 2022, a week in which Californians paid an outrageous $6.43 per gallon.

The current national average of $3.76 per gallon is more than the average price of petrol since 2018: $2.89 per gallon, even though it is a long way from the peak in 2022 of $4.99 per gallon. As a result, the price at the pump in 2022 will be approximately $0.87 higher than the national five-year average.

Source: https://www.finder.com/gas-prices

What about food?

Source: https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/#:

The level of food price inflation varies depending on whether the food was purchased for consumption at home or away from home:

  • The food-at-home (grocery store or supermarket food purchases) CPI increased 0.6 percent from August 2022 to September 2022 and was 13.0 percent higher than September 2021; and
  • The food-away-from-home (restaurant purchases) CPI increased 0.9 percent in September 2022 and was 8.5 percent higher than September 2021.

In 2022, food price increases are expected to be above the increases in 2020 and 2021. In 2022, all food prices are predicted to increase between 9.5 and 10.5 percent, food-at-home prices are predicted to increase between 11.0 and 12.0 percent, and food-away-from-home prices are predicted to increase between 7.0 and 8.0 percent.


Food prices are expected to grow more slowly in 2023 than in 2022, but still at above historical average rates. In 2023, all food prices are predicted to increase between 3.0 and 4.0 percent, food-at-home prices are predicted to increase between 2.5 and 3.5 percent, and food-away-from-home prices are predicted to increase between 4.0 and 5.0 percent.

Source: https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=76961

Unfortunately, they only have the 2021 prices. Simply plug in the inflation rate for 2022, that will giver you a ballpark figure.



(GETTY IMAGES)
Food and energy costs
are going to get higher...
not lower!
Do not wait until it is difficult for you
because you are further in debt.
Do something about it now!

😍#ilikeitalot!😍


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With the Federal Reserve constantly printing money with the Mint, and a horrible president that doesn't care about our economy... We need to find better avenues to protect our wealth.

Everyone has their own ideas on how to protect their wealth, and I'm sure you have your own ways. That is good!!! Save some of that money too!
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I think it's ridiculous that with all the technology and resources available we can't provide basic needs for all humans, I believe food, clean water , shelter and education should be human rights, folks should not have to starve or live on the streets

It's a complicated problem!
But you are right, those are human rights.
!invest_vote

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@silversaver888 denkt du hast ein Vote durch @investinthefutur verdient!
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The situation that is being experienced is terrible. The central banks have been sowing inflation for years and now they are picking it up suddenly. We must help each other to get out of this terrible situation.

It's terrible!
I write about it, about saving...
!invest_vote

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So glad I did so much traveling while it was still affordable. Road trips would be out of the question for me at these prices.

And food prices! I'm certainly glad my kids are grown and my grocery costs are for 1 and not for a family of 5! I don't know how people do it.

Oh yes! Imagine feeding a family of five. It is a challenge as all prices are going up. People must simplify their lives during the holidays!
!LUV 🤗
!LADY 😍🌺🤙

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That's what happens when everyone insists they're worth $20/ hour to flip your Big Mac

You love your burgers!
!PIZZA

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Then there are Taxes! 🥴
You know that's my biggest pet peeve Sis.
My municipal Taxes on my home have gone up over 10%, the mill rate was 2% but it now all the added new levies, fees, surcharges etc were piled on top of that.
And the same clowns get re-elected.
Sorry that I bought this up.

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Ms. Ravenhill @kerrislravenhill
Just Because You and Ms. Saver enjoy seeing Vintage Silver Bars. A friend of mine showed this 1950's Silver Bar to me Today when I was at one of my LCS's..........
He told me that he paid $3000.00 for it.......
Nevada Silver Co.
You know that Nevada is the Silver State........ Very Cool Piece

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!LUV

Taxes are generally higher in Canada, and it seems that you are working just to pay for taxes 🥴. But I think the programs dealing with health, education, unemployment, family and child assistance, as well as old age, disability, and survivors' benefits and likewise better.
Hugs and kisses, sis 🤗
!LADY 😍🌺🤙

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Everything has gone up... a lot !

I also don't know how folks that are raising families are getting by.

At this time, as long as my job holds out, I am good. I make more than my necessities are and I don't owe any extras. My job appears solid, but you truly never know what is going on behind the scenes and many folks have gotten rude surprises regarding their jobs through the years, so there is never a guarantee no matter how solid anything looks.

I am remembering to be thankful every day.

Thank God for our jobs, @jacey.boldart! A steady source of income is a life-saver.
!PIZZA
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thanks for talking about inflation. Great post. Even here in Italy the price of food and energy is going up

We are all affected! We all have to "tighten up our belts."
!PIZZA

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Thanks for your feedback

I was shocked today @silversaver888 , we were shopping at the local grocery store, and I saw cans of soup that were priced at almost 5 dollars each!!!
Soup!!!😳
And they are quoting inflation between seven and nine % Lol............🤔

Yes, and it is not just food. It's everything.
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You must be killin' it out here!
@silversaver888 just slapped you with 1.000 PIMP, @silvertop.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/1 possible people today.

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It is everything @silversaver888 .......... And yet I see the grocery stores packed, and most people don't seem to complain about higher prices......🤔

Sadly, they do not include the cost of fuel, food or housing in their inflation rate, so it's really much, much higher than their table indicates. It is going to get worse before it gets better. Folks need to think about how to survive this and stacking and saving, even if it's just a little, will help.

Thanks for sharing sis and much love to you!🤗😘💞🌸 !LADY

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People need to address the recession and how it affects them individually now, while they can.
Hugs and kisses, sis 🤗
!LADY 😍🌺🤙

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Indeed!!! Take care sis!🤗😘💞🌸

The financial situation that is being experienced in a large part of the world is critical, dear friend @silversaver888 my country Argentina is very bad economically
I appreciate you sharing all this information.

Hello @jlufer.
It's getting worse here too! I guess it's happening all over the world.
Good evening!

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It is indeed crazy around the world, how much changed in the last few years.
Some can’t afford to pay rent, food or their debts anymore.
It will get even worse, like you said.

Have a wonderful Tuesday @silversaver888 👋🏻😊
!LADY 🤗🥰🌺🤙🏻 Bigg hugg

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Good evening, @Littlebee4.
It's really crazy!!!! How did we get here?

Yes, it's Tuesday evening, but very late!
!LADY 😍🌺🤙

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Good day to you @silversaver888 👋🏻😊

Yep, no idea… but mainly wrong decisions of people…

Hope you day is going well. It’s 17:30pm here now.
And getting dark.
Enjoy your day further 🤗🤗 Bigg hugg
!LADY 🤗🥰🌺🤙🏻

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You received an upvote of 100% from Precious the Silver Mermaid!

Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!

Ms. Saver @silversaver888
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