The Bureau of Labor Statistics said in its June inflation report that egg prices are 19.5 percent higher than they were in June 2006… whole milk was up 13.3 percent; fresh chicken 10 percent; navel oranges 19.8 percent; apples 11.7 percent. Dried beans were up 11.5 percent, and white bread just missed double-digit growth, rising by 9.6 percent.
Meeting with economic writers last week, President Bush dismissed several polls that show Americans are down on the economy. He expressed surprise that inflation is one of the stated concerns.
“They cite inflation?” Bush asked, adding that, “I happen to believe the war has clouded a lot of people’s sense of optimism.”
Oh for crying out loud. YES, when prices go up some people notice the difference (especially if wages remain stagnant). I’m not going to try and make an argument that inflation is George’s fault; but he can have an influence, and I’d feel a little better if I was confident he knew what the word means.