February Sees Highest Rise in Food Costs Since 1974

Feel like you get nothing these days at the local Piggly Wiggly? Not only are Americans paying more at the gas pumps, their grocery bills are rising to. February saw the highest rise in grocery prices since 1974. Worst part of it, Ben Bernanke continues his sharade knowing one of the reasons prices are rising is his decision to continue to print money--devaluing the dollar.

The cost of producing finished foods jumped 3.9pc last month from a year earlier, as harsh winter weather exacerbated the already increasing price of many basic ingredients used in food. The increase was the steepest since November 1974.

With oil prices having spiked on the political upheaval in North Africa and the Middle East, energy costs were 3.3pc higher in the month, according to a report on producer prices from the Labor Department.

Ben Bernanke, chairman of the Federal Reserve, insists these sharp rises in costs will prove transitory and will not spiral into a broader price increases across the economy. Core producer prices, which strip out food and energy, climbed just 0.2pc in the month and were down from January’s level.