Hey Janet Yellen, here is why Americans ARE feeling the effects of inflation in the grocery store even if you aren’t

Janet Yellen has been branded ‘tone deaf’ for her response when asked about US inflation.

The finance minister – who is worth about $20 million – said she goes to the supermarket every week but has not felt “sticker shock” at higher prices.

It does match the experience of most Americans who have battled food prices that have risen 20 percent in the past five years, according to Labor Department data.

The cost of some daily necessities has risen much more – with eggs and milk now costing double what they did before Joe Biden came to power.

Grocery prices are a top issue for voters ahead of the November election, with many Americans hoping that punitive costs will soon begin to drop.

A DailyMail.com reader from Palm Beach, Florida, said: “Janet Yellen is reacting insensitively.

‘The dramatic increases in a relatively short period of time are a betrayal. People are probably less concerned about the technical why and more concerned about the fact that if they don’t pay the higher costs, their cupboards will be empty.”

Inflation has proven to be persistent in recent years.

Although annual inflation has fallen from a 40-year high of 9.1 percent in June 2022, it is still above the Federal Reserve’s 2 percent target at 3.3 percent last month.

Analysis of data from the U.S. Bureau of Labor Statistics shows how much grocery prices have risen since before the pandemic and President Biden took office.

Since 2019, the price of a dozen eggs has skyrocketed by 98 percent – ​​from an average of $1.36 to $2.70 today.

A loaf of bread has now risen in price by 53 percent.

According to an analysis of the data by CBS News.

Cookies have also increased in price by 53 percent in the past period, from $3.35 to $5.12.

A pound of coffee, meanwhile, has risen 44 percent, bringing the average price to $5.99, up from $4.17 five years ago.

A pound of ground beef and a pound of chicken breast have increased by 35 and 33 percent respectively and will now cost the average American $5.15 and $4.12.

The price of a pound of rice has also increased by 32 percent, from an average of $0.76 to $1, and a pint of milk now costs $3.86 in an average store – 30 percent more than in 2019.

A pound of potatoes has become 25 percent more expensive, from $0.77 five years ago to $0.96 today.

Other essentials have risen less significantly, but are still more expensive than before the Covid-19 pandemic and before President Biden took office in 2020.

The price of a pound of bananas has risen 7 percent – now costing an average of $0.62 – while a pound of cheddar cheese has risen 4 percent and the price of a pound of tomatoes has risen 2 percent, making it $0.00 at a regular store is 1.86. .

Price increases due to persistent inflation are also being felt by Americans when buying gas at the pump and paying rent.

In the interview with Yahoo! Treasury Secretary Yellen attributed the price increases to several factors.

“I think this is largely a reflection of the cost increases, including the increases in labor costs that supermarkets have experienced, although there may be some increase in margins,” she said.

A DailyMail.com reader said that ‘”out of touch” refers to the current administration.’

A reader from New York said, “I’ve been saying for months that these ‘economists’ can’t possibly buy groceries every week.”

Madeleine from Baltimore added: “Someone who’s worth $20 million doesn’t pay attention to prices.”

Yellen said she expects inflation to decline, saying it will “return to the Fed’s two percent target” early next year.

She added that she met with Target’s CEO, who said the company had cut back on some everyday items to help struggling families.

Last month, Target announced it would cut prices on at least 5,000 frequently purchased products, ranging from milk to diapers.

“We know consumers feel pressured to make the most of their budgets,” said Rick Gomez, Target’s chief food, essentials and beauty officer at the time.

And Doel is not alone.

Walmart has used its famous ‘rollback’ promise to cut prices this year, investing in improving its cheaper own-brand ranges, and smaller rival Aldi has also cut prices.

Companies claim the cuts are aimed at helping anxious families. However, some retail experts counter that it’s just good for business.

Andrew Stevens, an assistant professor of economics at the University of Wisconsin, told the local station WSAW TV that lowering prices is often used as a marketing tool to get ahead of the competition.

“Consumers certainly notice it when prices go up somewhere, and usually don’t notice it when prices go down somewhere,” he says.

“So I think what we’re seeing is Target trying to grab attention and draw consumers into their store and away from some of their competitors.”

Despite criticism of price increases under the Biden administration, a group of 16 Nobel Prize-winning economists have issued a stark warning that inflation would be even worse under Donald Trump.

The former president would reignite inflation and cause lasting damage to the US economy, the Nobel laureates said in a letter first published by Axios.

“While each of us has different views on the specifics of different economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s,” the letter said.

The warning was spearheaded by American economist Joseph Stiglitz, who won the prestigious economics award in 2001.