The True Cost of Inflation

If you listen to most democratic politicians, they will talk about how inflation has been decreasing and that the Biden Administration has been working around the clock to help the “American People”.

These same politicians are quick to explain that “Real” inflation number are around 20% and are a direct result of the then President Trump policies.

Most Americans say they believe prices have nearly doubled since Trump left office.  They aren’t wrong.  See Below for the Real Inflationary numbers from January 2020 compared to January 2024.      

• Eggs:
  1. January 2020: ~$2.50 per dozen
• 1. January 2024: ~$4.00 per dozen
• Milk:
  1. January 2020: ~$3.00 per gallon
• 1. January 2024: ~$4.20 per gallon
  1. Change: ~40% increase
• Bread:
  1. January 2020: ~$2.50 per loaf
• 1. January 2024: ~$3.50 per loaf
  1. Change: ~40% increase
• Ground Beef:
  1. January 2020: ~$4.00 per pound
• 1. January 2024: ~$6.00 per pound
  1. Change: ~50% increase
• Chicken Breast:
  1. January 2020: ~$3.50 per pound
• 1. January 2024: ~$5.50 per pound
  1. Change: ~57% increase
• Lettuce:
  1. January 2020: ~$1.50 per head
• 1. January 2024: ~$2.50 per head
  1. Change: ~67% increase
• Tomatoes:
  1. January 2020: ~$2.50 per pound
• 1. January 2024: ~$4.00 per pound
  1. Change: ~60% increase
• Apples:
  1. January 2020: ~$1.50 per pound
• 1. January 2024: ~$2.50 per pound
  1. Change: ~67% increase
• Bananas:
  1. January 2020: ~$0.60 per pound
• 1. January 2024: ~$0.80 per pound
  1. Change: ~33% increase
• Coffee:
  1. January 2020: ~$5.00 per pound
• 1. January 2024: ~$7.50 per pound
  1. Change: ~50% increase
• Cooking Oil:
  1. January 2020: ~$3.00 per quart
• 1. January 2024: ~$5.00 per quart
  1. Change: ~67% increase
• Rice:
  1. January 2020: ~$2.50 per pound
• 1. January 2024: ~$3.50 per pound
  1. Change: ~40% increase
• Gasoline
  • January 2020: ~$2.50 per gallon (U.S. national average)
  • January 2024: ~$3.60 per gallon (U.S. national average)
  • Change: ~44% increase
• Fuel Oil
  • January 2020: ~$2.80 per gallon (U.S. national average)
  • January 2024: ~$4.50 per gallon (U.S. national average)
  • Change: ~61% increase
• Car Insurance
  • January 2020: ~$1,000 per year (U.S. national average)
  • January 2024: ~$1,600 per year (U.S. national average)
  • Change: ~60% increase

Politicians often manipulate inflation statistics to present a more favorable economic picture or to deflect criticism.

This can involve selectively reporting data, such as emphasizing lower overall inflation rates while downplaying sharp increases in essential goods like food and fuel, which directly affect households.

They might use outdated figures, ignore regional disparities, or focus on short-term fluctuations without addressing long-term impacts on savings and fixed incomes. By presenting a skewed view of inflation, these tactics can mislead the public and policymakers, potentially delaying necessary economic adjustments and policies.

This manipulation undermines transparency and can erode public trust in economic reporting and leadership.

These figures are estimates and reflect broad trends observed in grocery prices. The actual change can vary based on specific brands, regional factors, and seasonal fluctuations.