Fat Joe is feeling the inflation sting at the supermarket
Even hip-hop icon Fat Joe is feeling the inflation sting.
“My wife is upset about the economy because everyone is doing badly here – and we have more middle-to-poor class friends than rich friends,” the millionaire ‘Lean Back’ singer said in a new post. edition of Yahoo Finance Presents. “You know, my wife came home from the supermarket. She had a bag. She was like, ‘It was $350…a bag.’ It’s crazy.”
While the stock market has embraced the latest consumer price index (CPI), the reality is that inflation remains stubbornly high and is a major problem for households. The October report showed the overall cost of groceries increased 12.4% from a year ago.
The CPI index for October reflected an increase of 7.7% over last year and 0.4% over the previous month. Excluding food and energy prices, the CPI rose 6.3% over the past 12 months. Meanwhile, the energy index jumped 17.6% from a year ago and the food index rose 10.9%.
A new survey from Moody’s Analytics has found that consumers are spending hundreds of dollars more on a basket of goods and services than a year ago.
Fat Joe – the author of the new book ‘The Book of Jose: A Memoir’ – recalls the time his mother was able to buy a gallon of milk and a pack of cigarettes for less than $10. With the price of eggs up 10% year over year, Joe hopes the Biden administration will help solve the inflation problem for Americans.
“So we have to turn the tide,” added the great musician. “We need Joe Biden. We fought to bring the Democrats to power. We have to see what they got. They can do it. Anything is possible. I’m a believer. But so far, I wait to see the results.”
Brian Sozzi is editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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