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Americans Face Rising Prices for Food, Gas

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  • Description

    FBN’s Gerri Willis on the rising prices facing American consumers.

  • Duration 3:29
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Well look I know we're supposed to be in a low growth economy but.

Prices sure weren't first rising food prices hard to miss at the grocery store.

According to the government ground beef is up thirteen and a half percent year over year chicken up more than 12%.

And here's what really stings stake up 9% and copy up seven and a half percent that's two of my three food groups.

The third peanut butter up more than 11%.

And -- a little bit but it's deadly serious consumer budgets stretched to the limits.

Wages are stagnant or down for those with jobs and for those on fixed incomes well there -- a lot of room for a T bone when the prices skyrocketing.

We asked viewers on Twitter and FaceBook if you're facing higher prices and the answer was a reason now.

-- ES.

Serena says this we're having a hard time making it I stretch every meal not a scrap of food is wasted and I'm -- planned two weeks out.

-- have solutions to eating a lot more fresh veggies from our garden green bananas -- got all green such as the broccoli leads waste not want not.

And such as the gas prices are up almost fifty cents a last month alone a strange and quick jump that is stumping economists.

The average for unleaded gas is at the highest we've ever seen but it's the highest we've ever had for late February.

Insiders say seasonal factors are -- that's cold comfort for consumers.

Three states and the District of Columbia have gas prices above four dollars a gallon -- dollars.

News of inflation in gas and food prices flies under the radar because.

The government doesn't count it in its Consumer Price Index which is the main measure of consumer level inflation.

They say prices of gas and food are too volatile to -- to be put in the index but isn't that the point to measure price changes at every level.

Even sell the rights and consumer prices is coming at a bad time that's because after the -- year.

Every working American got a tax hike in the form of the payroll tax which was restored to pre recession levels now.

This was a pay cut that most of us just weren't anticipating.

It's knocking two percentage points -- take -- pay.

According to the Wall Street Journal and taking a total of a 110.

Billion dollars of consumers' hands which could presumably have been spent in the economy.

-- household wealth and income of 65000 dollars it's a thirteen hundred dollar hair cut out she.

This week Wal-Mart announced the tax was hurting their sales Wal-Mart joins others including Burger King Kraft Foods.

They're -- lowering forecasts for sales and adjusting sales and marketing strategies.

They know the higher prices -- -- sales the question is just how much self.

Wal-Mart with the stock stores with cheaper goods and smaller packages of diapers while Burger King is cutting the price of its whopper junior.

To a dollar 29 from two bucks.

Look prices just keep going up and up and Americans are adjusting spent their spending and their expectations.

But I will tell -- one potential silver lining here.

The Agriculture Department says food inflation may ease later this year as the effects of last year's -- begin to Wear off.

Maybe this time the federal government will get its inflation right that they don't actually have a good record on that score by the way had to share this for Robert -- -- heads.

Higher food prices equates to more beans and rice -- our house but now our budget for air freshener has skyrocketed.

Thanks to -- Robert appreciated -- a tough topic.

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