Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
My guess is that after the expected Medicare part B and D cost increases for next year this 3.2% will be a joke and more closer to 0%. 3.2% HUH! We all know how foolish this number is. Just renewed car and home insurance with an average 13% total increase. Food prices up 3.2% ?? This is why the average American distrusts our folks in DC. Fortunately our family does not depend on SS for any living costs but I it is truly sad for those who must, as noted by @hank above
ADJUSTMENTS to annual Social Security payments are based on y-o-y increases in the Q3 averages of CPI-W (July, August, September readings). So, it's a snapshot that cannot account for lot of things that consumers see, or will see.
The CPI data for September were released this AM, and that is why you are suddenly seeing lots of pieces on Social Security COLA for 2024. See the related SSA link, https://www.ssa.gov/cola/
Whatever method used to set the COLA is directed by some government entity. The problem is the method used now (CPI-W) in no way comes close to the true inflation rate seen and endured by your average citizen. Knowing how this is calculated @YBB does not reflect the actual increases seen by the man on the street. So in essence the method should be changed to reflect the true inflation rate (using different inputs) which I firmly believe is higher than what this COLA reflects. Would this happen? Doubtful ?
My guess is that after the expected Medicare part B and D cost increases for next year this 3.2% will be a joke and more closer to 0%.
You would guess wrong. The average monthly increase in SS (based on a 3.2% increase and the average current payment of $1705.59) is $54.58. While we don't have final figures on increases in Medicare Parts B and D, CMS projects them to be $9.90 and $0.64 respectively. That leaves the bulk of the SS increase untouched.
Further, new legislation by the government caps insulin co-pays at $35. That is a significant decrease in medical costs for many people. Though since "only" around 8.4 million people are using insulin, that means that the "man on the street" won't see this. (There are around 50 million retirees receiving Social Security benefits.)
@fundly 'Course we know there are always fingers in the mixing bowl of the proper government 'recipe'. So, I don't disagree with your view. A brief look at 'CPI-W' and some of the 'fingers' in the recipe.
How can anyone be so gullible in quoting CMS press releases that are factually wrong. I am looking at a Cigna part D plan , called Cigna Extra which cost 67.60 per month in 2023 and will cost 79.30 per month in 2024 That is a 17% increase on the 11.70 per month increase in cost. And to make matters worse the deductibles are increasing also. And on and on! You can confirm this if you wish. @ davidmoran. I am no expert on how to correct the COLA amounts. What about bringing in a non aligned, non political associated advisory group of experts on this subject that would tell our government entity, what the true inflation rate is for the average SS recepient and enact this amount.
Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W): U.S. city average, by expenditure category, September 2023 [1982-84=100, unless otherwise noted]
0 All items 100.000 3.6 1 Food 14.894 3.8 2 Food at home 9.391 2.4 3 Cereals and bakery products 1.258 4.8 3 Meats, poultry, fish, and eggs 2.119 0.3 3 Dairy and related products 0.818 -0.3 3 Fruits and vegetables 1.607 0.7 3 Nonalcoholic bevs and beverage materials 1.191 4.0 3 Other food at home 2.397 4.3 2 Food away from home 5.503 6.1
1 Energy 8.797 -0.2 2 Energy commodities 5.102 2.6 3 Fuel oil 0.081 -6.2 3 Motor fuel 4.971 2.8 4 Gasoline (all types) 4.866 3.1 2 Energy services 3.696 -3.7 3 Electricity 2.958 2.1 3 Utility (piped) gas service 0.738 -21.7
1 All items less food and energy 76.309 4.1 2 Commodities less food and energy comm. 21.429 -0.2 3 Apparel 3.028 2.9 3 New vehicles 3.936 2.5 3 Used cars and trucks 2.995 -7.9 3 Medical care commodities 1.292 4.4 3 Alcoholic beverages 0.695 4.8 3 Tobacco and smoking products 0.741 5.7 2 Services less energy services 54.880 5.9 3 Shelter 33.030 7.2 4 Rent of primary residence 10.345 7.6 4 Owners' equivalent rent of residences(1) 21.516 7.0 3 Medical care services 5.454 -3.6 4 Physicians' services 1.439 0.1 4 Hospital services(2) 1.810 4.4 3 Transportation services 6.408 10.9 4 Motor vehicle maintenance and repair 1.214 10.3 4 Motor vehicle insurance 3.463 19.2 4 Airline fares 0.426 -13.2
Footnotes: (1) Indexes on a December 1982=100 base. (2) Indexes on a December 1996=100 base.
Medicare isn't based on any inflation index. Medicare looks at its estimated expenses and then devises several IRMAA tiers annually with varying levels of subsidies. Participants pay 25% (basic, no IRMAA), 35%, 50%, 65%, 80%, 85% of the total costs. https://www.ssa.gov/benefits/medicare/medicare-premiums.html
Nice post from @Catch22 that explains how CPI is calculated. Problem is: There’s no “average” American, so everyone’s affected differently. I did read somewhere that auto insurance has skyrocketed recently - a lot to do with all the technology that goes into new vehicles today. ”Computers on Wheels” to a degree. So if you smash one up repairs can be enormous. I haven’t noticed it yet. Carry a relatively high $2500 collision deductible. (At least my insurance agent considers it so). House insurance has been greatly impacted by all the natural disasters in some regions. In some areas people are lucky to obtain it at any price.
What sometimes gets overlooked in thinking of inflation is the compounding effect. 5% a year for 5 years works out to better than a 27.5% cost of living rise in only 5 years. And, future annual increases compound off of that number. Adds up fast.
Whatever method used to set the COLA is directed by some government entity. The problem is the method used now (CPI-W) in no way comes close to the true inflation rate seen and endured by your average citizen. Knowing how this is calculated @YBB does not reflect the actual increases seen by the man on the street. So in essence the method should be changed to reflect the true inflation rate (using different inputs) which I firmly believe is higher than what this COLA reflects. Would this happen? Doubtful ?
Thanks for the CPI-W figures posted. My opinion. A fool would think these figures are true and correct. I do the food shopping for the home. One example. At our Aldi, a true discount food store, a box of saltines has gone from 0.95 to 1.49 in the past year. That is a 48% increase. I could go on and on but there is no need. To report a past yearly food inflation rate of 3.8% is absurd. I estimate our food bill has increased by 25% -30% in the past year and expect it to rise way more than 3.8% in the next year.I doubt many would argue with me on this point.
I’ve noticed the same effect at the local WalMart where I do a lot of grocery shopping. Prices spiked sharply almost overnight 1-2 months ago. Interestingly, that coincided with about the time they did a whole lot of new hiring. Prior to that you might wait in line 30 minutes to an hour to check out. I more than once walked away leaving behind a cart full of foodstuff. But after all these new hires showed up the lines got much shorter / are moving a lot faster. And the new, mostly younger, folks working checkout seem like happy campers too. Looks like WalMart raised the pay / benefits of to attract new workers. That, I think, translated into sharply higher shelve prices almost overnight. . Given a choice, I’ll pay an extra 25-50 cents for a jar of pickles or loaf of bread if it means saving 30 minutes at checkout. “Time is money” as the old expression goes.
I hope the above doesn’t sound trite. The labor shortage is real and affects the cost of living. In part, it’s a consequence of we aging baby boomers weaving our way through those golden years while the remaining active labor force struggles to keep up with growing demand. Lots of other factors too - like union busting tactics over the past half century that have lowered compensation for common labor, making work less desirable for the less educated.
I don’t know how current all those recently reported inflation numbers are. But it seems possible to me that the spike in food prices antidotely observed / reported by @fundly and myself are yet to be reflected in those stats. In fact, there was an unexpected spikes in inflation reported this morning that seems to have tanked equitiy prices today out of fear of still higher interest rates.
Also: If I'm reading it right, the links provided by @msf apply to Medicare Advantage Plans. But I have traditional Medicare, and pay for a separate Part D Plan.
The silliness of it all! If I understand THEIR newest mailing correctly, my monthly premium will go down to something like .69 CENTS.
But my co-pay for Farxiga is almost $400/3 month supply. When I asked about a 1-month supply, the price goes down by $20 or so. Pigeon farts. So I'm getting samples from the doctor.
On a different website, I read about others faced with the same crazy-high copay for this drug or that drug. They agreed to PAY it, and then the next time they renewed, the copay was much more reasonable.
This is the stupidest GAME ever invented....... It would not make sense to portion-out that huge initial copay, over time??????? Suck-holes in charge, everywhere. And I'd be willing to pay a reasonable monthly premium if my copay could be brought down!
@Crash, check plan Drug Formulary to see which drug is preferred. I think Farxiga, Invokana and Jardiance, etc are in the same class of SGLT2 inhibitors for DM II. Ask your doctor to prescribe the one on the preferred list/tier.
In our plan (Medicare + Supplemental before, MA now), there seems a rotation of drugs that may be for no reason other than what manufacturer(s) gave the best discounts to the plan.
Our plan releases new drug formulary in Fall for the coming year and I go through this exercise for all our prescription meds before the next renewals.
Thanks, @yogibearbull. I'm taking 293 prescriptions, and simply resist playing this STUPID game. My doctor's good to me, and there ARE a number of other scripts I get with very low or no copay.
I wonder if you notice this kind of event (just a random googling):
From February to March, adjusted for seasonal swings, eggs had the most dramatic decrease, with a 10.9% decline. Egg prices soared in previous months primarily due to avian flu, which constrained supply, and companies taking advantage of the disruption to pad profits. But more recently, egg prices have been coming down. In the meat aisle, ham fell 4.8%, hot dogs dropped 2.9% and uncooked beef roasts fell 2.3%. Fish and seafood prices dropped 1.2%. Butter sank 6%, with lettuce falling 5.7%. Fresh fruit and vegetables overall dipped 1.7%. Peanut butter went down by 2.3%.
and this is from 6m ago. I know at the local discount supermarket the cereal I favor has gone back to 2020 levels, at least when on sale. I like most try and do larger shopping as a function of sales. (duh)
You seem a curious person, but I am not sure there can be productive discussion. >> quoting CMS press releases that are factually wrong.
>> I am no expert on how to correct the COLA amounts. What about bringing in a nonaligned, nonpolitical associated advisory group of experts on this subject that would tell our government entity, what the true inflation rate is for the average SS recepient and enact this amount.
I will have to dig up a host of Krugman articles on inflation calcs showing their ins and outs and data details and choices (smart and foolish).
For now, go know that 'a nonaligned, nonpolitical associated advisory group of experts' pretty much describes who it is that parses the huge amounts of data and comes up with the provisional bottom line figures. I mean, do you really believe their work is done nefariously / dishonestly / not in good faith ? What is your point other than your disagreement about 'average' citizens? Why the lying on the part of authorities?
>> A fool would think these figures are true and correct. ... I estimate our food bill has increased by 25% -30% in the past year and expect it to rise way more than 3.8% in the next year. I doubt many would argue with me on this point.
Well, you should track this, including selected past figs and totals if you can, and write an article, which would make you famous and bring some small moneys.
Also: If I'm reading it right, the links provided by @msf apply to Medicare Advantage Plans. But I have traditional Medicare, and pay for a separate Part D Plan.
CMS previously announced that the average total monthly premium for Medicare Part D coverage is projected to be approximately $55.50 in 2024. This expected amount is a decrease of 1.8% from $56.49 in 2023.
We go through the same ritual every year - anecdotes about how prices of some class of items or another has shot up. Then a leap from that to inferring that the average increase in prices nationwide can't possibly be what the BLS is reporting.
Three years ago it was lumber. Soaring through the roof as people sheltered in place and decided to build more shelter. Anyone check the price of lumber recently? It spiked around $1700 during the pandemic, and is now around $500, having dropped 16% over the past year alone.
This Oct 2023 piece goes on to note: "Other breakfast staples like eggs and bacon soared in price last year but have gotten cheaper in 2023, thanks to higher interest rates dragging down overall inflation."
That seems consistent with @davidrmoran's random googling above.
Some nice facts cited by david from Google. I’ve separated the food items into two different groups: (1) generally less healthy (cholesterol and / or sodium laden) foods (2) a healthier group foods (resembling my own diet) emphasizing beef, seafood, fruits, vegetables and legume-based protein (From February to March, adjusted for seasonal swings)
Less Healthy Choices
- eggs … 10.9% decline.
- Butter sank 6%
- ham fell 4.8%,
- hot dogs dropped 2.9% and
Average monthly price drop: -6.15%
————————————————-
Healthier Choices
- uncooked beef roasts fell 2.3%.
- Fish and seafood prices dropped 1.2%.
- with lettuce falling 5.7%.
- Fresh fruit and vegetables overall dipped 1.7%.
- Peanut butter went down by 2.3%.
Average monthly price drop: -2.64%
If you consume a lot of eggs, hot dogs, ham and butter your prices that month fell by over 6%. But, if you consume a lot of beef, seafood, lettuce and fruits vegetables and legume-based protein your food costs for the month declined by less than half as much.
Picky. Picky. But why? Because “cost of living” is a very individual experience. “Average” diet? “Average” auto? “Average” house? While the numbers may not lie, our own individual costs can be substantially different from those averages. I wouldn’t question @fundly’s personal experience or anyone else’s. I’ll accept the government’s published COLA. But those are broad-based averages. They probably do not reflect your own or my own experience.
Food prices vary greatly depending on city, state, neighborhood, size of store and distance from distributor. In Michigan prices are considerably higher in remote less populated northern areas than in much heavier populated urban areas to the south. So I think antidotal experiences (even if atypical) have a place in discussions of COLA. (None of this is meant to dispute / question the quality or accuracy of random googling.)
"Food prices vary greatly depending on city, state, neighborhood, size of store and distance from distributor."
Tell me. Yesterday we went shopping for, among other things, bottled orange juice.
We do some shopping, especially for meat and fish, at a store which is part of a small local "high end" chain. We also shop for items which are commonly found at most markets at major chain stores such as Safeway or Albertson's. And also, for some types of foods, at Costco.
So yesterday we checked out Safeway for the OJ, and lucked out- Tropicana "Home Style" on sale at $3.49, with "use-by" well into December. Bought four, cost: $14. Then we stopped at the "high end" market for some fish. Just for the hell of it I checked out their price for the same bottle of OJ: $8.99. Cost for four: $36, and the "use by" was only a couple of weeks away.
I'd think that this proves something or other, but other than the usual "buyer beware" I don't know what.
Another ”use by” watcher! Damn, don’t they come up with some of the tiniest, most difficult to read markings? Must be a whole course of study devoted to making those dates nearly invisible.
In my first year living / working downstate (1970) I’d load up on the “expired” hot dogs the day they were reduced 50%. Pretty much comprised my diet that year. Went OK with Bud. Helped keep the stretched budget in check. Paying off student debt and driving an old beaten up Chev.
The density plot of a cross section of price changes looks really good. Very close to pre-pandemic levels. This change isn't being driven by outliers or where categorization - the actual distribution of price changes is reverting back, even while the economy grows.
FWIW I just do not believe the numbers CMS spews out as noted in the yellow graph above. Except for the egg cost decreases which I have seen ,almost every other food item in our discount grocery stores has risen sharply in the past year. Along with the other items used for the inflation % computation in the graph I think the numbers do not reflect the true past year, total averaged inflation rate. Do you believe every fact or number published by any of our government officials or entities? Example. Mayorkas the Homeland secretary has stated for years "Our border is secure and not open". Really!!! We agree to disagree. Over and out.
@fundly- As I noted above, prices vary very significantly depending upon which store that you happen to use. $3.49 vs $8.99. And how exactly can the government, or for that matter anyone, be expected to accurately and consistently adjust for that sort of retail game playing?
@Old Joe . One possible solution. Use a discount store such as Aldi or Walmart. Tally up the typical necessity basket of goods for the average family (perhaps 20-30 items at regular price ) cost on day one and and then on day 365 buy the same items and compute the % change. My guess is the CMS just pulls numbers out of some data banks which are not accurate. My opinion.-Food prices did not increase by 3.6% in the past year , as noted on the yellow sheet above. The increase was much higher and we are discount store food buyers.
Comments
The CPI data for September were released this AM, and that is why you are suddenly seeing lots of pieces on Social Security COLA for 2024. See the related SSA link,
https://www.ssa.gov/cola/
SS increase: https://www.cnbc.com/select/social-security-2024-cola-increase
Part B incr: https://www.nytimes.com/2023/10/12/your-money/social-security-cola-2024.html
Part D incr: https://www.cms.gov/newsroom/press-releases/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-2024
Further, new legislation by the government caps insulin co-pays at $35. That is a significant decrease in medical costs for many people. Though since "only" around 8.4 million people are using insulin, that means that the "man on the street" won't see this. (There are around 50 million retirees receiving Social Security benefits.)
Soc Sec Retirees: https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
Insulin users: https://apnews.com/article/health-prices-diabetes-congress-a2f9986b7bf3500b81d1ec80a01e5abb
What method do you advise?
https://www.ssa.gov/benefits/medicare/medicare-premiums.html
What sometimes gets overlooked in thinking of inflation is the compounding effect. 5% a year for 5 years works out to better than a 27.5% cost of living rise in only 5 years. And, future annual increases compound off of that number. Adds up fast.
Thanks for the spreadsheet @msf. Enlightening
I hope the above doesn’t sound trite. The labor shortage is real and affects the cost of living. In part, it’s a consequence of we aging baby boomers weaving our way through those golden years while the remaining active labor force struggles to keep up with growing demand. Lots of other factors too - like union busting tactics over the past half century that have lowered compensation for common labor, making work less desirable for the less educated.
I don’t know how current all those recently reported inflation numbers are. But it seems possible to me that the spike in food prices antidotely observed / reported by @fundly and myself are yet to be reflected in those stats. In fact, there was an unexpected spikes in inflation reported this morning that seems to have tanked equitiy prices today out of fear of still higher interest rates.
If I'm reading it right, the links provided by @msf apply to Medicare Advantage Plans. But I have traditional Medicare, and pay for a separate Part D Plan.
The silliness of it all! If I understand THEIR newest mailing correctly, my monthly premium will go down to something like .69 CENTS.
But my co-pay for Farxiga is almost $400/3 month supply. When I asked about a 1-month supply, the price goes down by $20 or so. Pigeon farts. So I'm getting samples from the doctor.
On a different website, I read about others faced with the same crazy-high copay for this drug or that drug. They agreed to PAY it, and then the next time they renewed, the copay was much more reasonable.
This is the stupidest GAME ever invented....... It would not make sense to portion-out that huge initial copay, over time??????? Suck-holes in charge, everywhere. And I'd be willing to pay a reasonable monthly premium if my copay could be brought down!
In our plan (Medicare + Supplemental before, MA now), there seems a rotation of drugs that may be for no reason other than what manufacturer(s) gave the best discounts to the plan.
Our plan releases new drug formulary in Fall for the coming year and I go through this exercise for all our prescription meds before the next renewals.
STUPID GAME.
I wonder if you notice this kind of event (just a random googling):
From February to March, adjusted for seasonal swings, eggs had the most dramatic decrease, with a 10.9% decline. Egg prices soared in previous months primarily due to avian flu, which constrained supply, and companies taking advantage of the disruption to pad profits. But more recently, egg prices have been coming down.
In the meat aisle, ham fell 4.8%, hot dogs dropped 2.9% and uncooked beef roasts fell 2.3%. Fish and seafood prices dropped 1.2%.
Butter sank 6%, with lettuce falling 5.7%. Fresh fruit and vegetables overall dipped 1.7%. Peanut butter went down by 2.3%.
and this is from 6m ago. I know at the local discount supermarket the cereal I favor has gone back to 2020 levels, at least when on sale. I like most try and do larger shopping as a function of sales. (duh)
You seem a curious person, but I am not sure there can be productive discussion.
>> quoting CMS press releases that are factually wrong.
>> I am no expert on how to correct the COLA amounts. What about bringing in a nonaligned, nonpolitical associated advisory group of experts on this subject that would tell our government entity, what the true inflation rate is for the average SS recepient and enact this amount.
I will have to dig up a host of Krugman articles on inflation calcs showing their ins and outs and data details and choices (smart and foolish).
For now, go know that 'a nonaligned, nonpolitical associated advisory group of experts' pretty much describes who it is that parses the huge amounts of data and comes up with the provisional bottom line figures. I mean, do you really believe their work is done nefariously / dishonestly / not in good faith ? What is your point other than your disagreement about 'average' citizens? Why the lying on the part of authorities?
>> A fool would think these figures are true and correct. ... I estimate our food bill has increased by 25% -30% in the past year and expect it to rise way more than 3.8% in the next year. I doubt many would argue with me on this point.
Well, you should track this, including selected past figs and totals if you can, and write an article, which would make you famous and bring some small moneys.
Part D incr: https://www.cms.gov/newsroom/press-releases/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-2024
Three years ago it was lumber. Soaring through the roof as people sheltered in place and decided to build more shelter. Anyone check the price of lumber recently? It spiked around $1700 during the pandemic, and is now around $500, having dropped 16% over the past year alone.
https://tradingeconomics.com/commodity/lumber
Similar figures for some other commodities, such as wheat down a third (33%), dairies (cheese and milk) down about a fifth, and coffee down a quarter.
OTOH, OJ has roughly doubled in the last year. Climate change (hurricanes) and disease are the attributed causes.
https://markets.businessinsider.com/news/commodities/food-inflation-orange-juice-prices-florida-economy-eggs-olive-oil-2023-10
This Oct 2023 piece goes on to note: "Other breakfast staples like eggs and bacon soared in price last year but have gotten cheaper in 2023, thanks to higher interest rates dragging down overall inflation."
That seems consistent with @davidrmoran's random googling above.
https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles
Less Healthy Choices
- eggs … 10.9% decline.
- Butter sank 6%
- ham fell 4.8%,
- hot dogs dropped 2.9% and
Average monthly price drop: -6.15%
————————————————-
Healthier Choices
- uncooked beef roasts fell 2.3%.
- Fish and seafood prices dropped 1.2%.
- with lettuce falling 5.7%.
- Fresh fruit and vegetables overall dipped 1.7%.
- Peanut butter went down by 2.3%.
Average monthly price drop: -2.64%
If you consume a lot of eggs, hot dogs, ham and butter your prices that month fell by over 6%. But, if you consume a lot of beef, seafood, lettuce and fruits vegetables and legume-based protein your food costs for the month declined by less than half as much.
Picky. Picky. But why? Because “cost of living” is a very individual experience. “Average” diet? “Average” auto? “Average” house? While the numbers may not lie, our own individual costs can be substantially different from those averages. I wouldn’t question @fundly’s personal experience or anyone else’s. I’ll accept the government’s published COLA. But those are broad-based averages. They probably do not reflect your own or my own experience.
Food prices vary greatly depending on city, state, neighborhood, size of store and distance from distributor. In Michigan prices are considerably higher in remote less populated northern areas than in much heavier populated urban areas to the south. So I think antidotal experiences (even if atypical) have a place in discussions of COLA. (None of this is meant to dispute / question the quality or accuracy of random googling.)
Tell me. Yesterday we went shopping for, among other things, bottled orange juice.
We do some shopping, especially for meat and fish, at a store which is part of a small local "high end" chain. We also shop for items which are commonly found at most markets at major chain stores such as Safeway or Albertson's. And also, for some types of foods, at Costco.
So yesterday we checked out Safeway for the OJ, and lucked out- Tropicana "Home Style" on sale at $3.49, with "use-by" well into December. Bought four, cost: $14. Then we stopped at the "high end" market for some fish. Just for the hell of it I checked out their price for the same bottle of OJ: $8.99. Cost for four: $36, and the "use by" was only a couple of weeks away.
I'd think that this proves something or other, but other than the usual "buyer beware" I don't know what.
In my first year living / working downstate (1970) I’d load up on the “expired” hot dogs the day they were reduced 50%. Pretty much comprised my diet that year. Went OK with Bud. Helped keep the stretched budget in check. Paying off student debt and driving an old beaten up Chev.
https://pbs.twimg.com/media/F8Pas2lWcAAX_5q?format=jpg
The density plot of a cross section of price changes looks really good. Very close to pre-pandemic levels.
This change isn't being driven by outliers or where categorization - the actual distribution of price changes is reverting back, even while the economy grows.
necessity basket of goods for the average family (perhaps 20-30 items at regular price ) cost on day one and and then on day 365 buy the same items and compute the % change. My guess is the CMS just pulls numbers out of some data banks which are not accurate. My opinion.-Food prices did not increase by 3.6% in the past year , as noted on the yellow sheet above. The increase was much higher and we are discount store food buyers.