David Anderson, an economist at Texas A&M University, said that beef prices are up compared to historic levels while down from last year, and he’s seeing more consumers turn to less expensive meats.
While the inflation rate moderated year-over-year in the CPI, digging into the number can show the rise in prices compared to early stages of and before the coronavirus pandemic.
The CPI—the primary U.S. inflation gauge—is up 16.5% from May 2020, according to the St. Louis Federal Reserve Bank. Inflation is up 15.7% since Nov. 2019, according to the regional bank.
Globally, there are continued inflationary hotspots and areas of concern including Argentina (which has a 92.4% inflation rate), Turkey (84.4%), Poland (17.5%), Bosnia and Herzegovina (17.5%).
Higher prices and other economic strains have also prompted some creative hacks and DIY solutions throughout the inflation and wave.