Amazing how Government statistics exclude most of the things most people do every day….
Avoid all of the food and beverage companies that are raising prices and you’ll be shedding pounds in no time. Of course, you may not be eating or drinking much of anything. But that’s another story.
McDonald’s (MCD, Fortune 500), Hershey (HSY, Fortune 500) and Coca-Cola (KO, Fortune 500) all announced new price hikes or reiterated previous increases in their latest quarterly earnings reports over the past few days. The reason is obvious. Commodities are running amok.
It’s costing restaurants and food makers a lot more money to produce or buy food as the price of cattle, wheat, sugar, corn and just about every other agricultural commodity has surged in the past year.
And even though the Federal Reserve may think that higher commodity costs are “transitory” — which is the econobabble way of saying “Don’t worry about it!” — companies aren’t so sure.
That could be bad news for consumers, who are already coping with soaring gasoline prices.