You will be paying an arm and a leg for a wing this Superbowl weekend.
Meanwhile, it will cost more to express your love than usual.
Inflation hit a 40-year-high in January as prices from the grocery store to the gas pump and even the jewelry store are rising.
As costs for everyday household expenses continue to squeeze family budgets and they will find little relief as real wages continue to fall.
President Biden promised last August that inflation would be under control by January. It’s mid-February and inflation is only accelerating.
By the numbers
The Bureau of Labor Statistics released monthly inflation data yesterday and the news is not good for American households.
The headline consumer price index number (i.e. inflation rate) is 7.5%. This means that over the last 12 months, all items increased 7.5%. Prices increased 0.6 percent from December to January.
Here are a few takeaways from the report:
- Food, electricity, and shelter were the largest contributors to the price increase on all items.
- Energy prices rose 27% over the last year.
- Food prices increased 7% over the past 12 months.
- Prices across the board (minus food and energy) had their largest 12-month change since 1982.
- Only a handful of prices decreased in January; among were lodging away from home such as hotel stays (-3.9%) and wireless telephone services (-0.1%).
We have updated our inflation tracker of common household expenses based on this new monthly data:
Valentine’s Day and the Super Bowl
On top of regular spending, inflation is driving prices and reducing varieties of Superbowl party foods as well as Valentine’s Day gifts and treats.
Prices on candy and flowers are up (+4.8% and +4% respectively) as are prices for jewelry (+6.5%) and dining out (+7.1%).
Americans are expected to spend an average of $175 per person on Valentine’s Day, up from $165 in 2021, according to the National Retail Federation.
Meanwhile, prices on popular Super Bowl foods such as chicken wings, ground beef for burgers, avocados for guacamole, beer, and wine are all up. Wells Fargo tallied the numbers and calculated that your Super Bowl party price tag could be 14% higher than last year, depending on what you serve.
Shelling out more of your money puts no one in the mood for football or love. However, this is the state of the economy.
The Biden administration tried to convince us that inflation was temporary and gaslighted us telling us to ignore the pain of higher prices.
Americans are holding President Biden as responsible for inflation as falling approval rates indicate. Across surveys, majorities do not approve of his handling of the economy or inflation.
Inflation is here to stay and Washington doesn’t have a good answer for what to do.