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U.S Grocery Prices Have Skyrocketed By Largest Percentage in 46 Years

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CNBC reported that the prices Americans paid for eggs, meat, cereal, and milk spiked in April as people rushed to grocery stores to stockpile food during the government shutdowns enacted to contain the spread of the Wuhan virus.

On May 12, 2020, the Labor Department reported that the prices paid for groceries spiked by 2.6 percent in April, the largest one-month increase since February 1974. The recent increase in supermarket prices was broad based and affected items from broccoli and ham to oatmeal and tuna.

The price of the meats, poultry, fish and eggs category surged 4.3%, fruits and vegetables swelled 1.5%, cereals and bakery products grew 2.9%, and dairy goods expanded 1.5%.

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On the other hand, broader trends in U.S. prices show a 0.8% decrease in prices in April, which represented the largest one-month decrease since 2008 as a decline in oil and gasoline pulled the CPI number down.

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“Food price gains were robust as we know there are empty shelves out there,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in an email. “Demand we know in most areas of the economy has collapsed and prices are falling in response.”

When eliminating the volatile food and energy sector, the “core” CPI fell 0.4%, the largest slump that took place in 1957.

“In areas where demand has hung in, like ‘food at home’ we have inflation because the supply side has been damaged, whether directly via infected facilities or because of the higher costs of finding freight capacity,” Boockvar continued.

 

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Joe Biden Nominates Liberal Activist Neera Tanden as Director of Office of Management and Budget; “Zero Chance of Being Confirmed”

Tanden is a controversial Democrat.

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Democratic candidate Joe Biden announced his nomination of Center for American Progress President and controversial Democrat Neera Tanden as Director of the Office of Management and Budget. Biden is yet to be certified as the rightful president-elect pending the outcome of litigation challenging the results in swing states, but this hasn’t prevented him from making personnel decisions.

Tanden, who is somewhat known as a Twitter personality, is a controversial figure in Democratic and progressive circles. She regularly used her position of influence in the Democratic establishment to attack Bernie Sanders during his 2016 and 2020 campaigns,

Tanden also became a target of ire for an incident in which she revealed the identity of an individual who was allegedly sexually harassed at the Center for American Progress.

However, it appears that Tanden’s confirmation as the Director of OMB, is doubtful. Drew Brandewie, a staffer of veteran Republican Senator John Cornyn, described the establishment liberal figure as having “zero chance of being confirmed” in a Sunday tweet.

Liberals went ballistic at the notion Tanden wouldn’t be approved by a Republican Senate majority after spending her career maligning the figures whose votes she would require.

Tanden was an essential figure in pioneering the ‘resistance’ branding of establishment Democrats during Trump’s first term.

Tanden appears to have deleted more than a thousand tweets on her personal Twitter account over the weekend, possibly attempting to clean any mines that could arise in potential Senate confirmation hearings.

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