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Saturday, March 19, 2011

Biggest jump in food costs in more than 36 years!

Remember just a few months ago when Sarah Palin made the point that food prices were rising and the grief she got for saying it? 

Well ....

Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame.

Yeah, except for your food and the way to get to work (if you still have a job) "inflation was tame." You can't parody the AP. They do a better job on themselves.

Keep in mind that Sarah Palin’s comment on food prices was made in the context of her criticism of Federal Reserve policy.
"All this pump priming (by the Fed) will come at a serious price. And I mean that literally: Everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher."

That makes Sarah Palin a better forecaster than Ben Bernanke, the people at the Wall Street Journal who doubted her and Ryan Chittum and the rest of the Obama cheerleaders at the Columbia Journalism Review.

Oh how I wish Sarah Palin were president.


thisishabitforming said...

Its real world common sense. It doesn't have a Washington address.

Ryan Chittum said...

I don't think so. I said quite clearly that Palin was wrong not about her forecast but about her history.

She said food prices had gone up significantly in the past year. They hadn't. Then she misled readers on what the WSJ wrote, and I called her out on that, too.

As I said then: "What that WSJ article said—which you can in fact discern even from her selective quoting—is that food prices may be beginning to rise."

Nowhere did I make any prediction about future food prices.