This Monday morning, economist and Johns Hopkins University professor Steve Hanke commented on his Twitter account that inflation in the United States shows “signs of third world decay” and that some restaurants today are unable to predict their prices.
Hanke tweeted a photo of a menu from a popular Chicago sushi bar that displayed a warning to the user: “Unfortunately, due to nation wide inflation, menu pricing may not be up to date. Please speak with your server with any questions about our most current pricing.”
Inflation and dacay
“U.S. inflation is revving up,” read Hanke’s tweet. “Restaurants in Chicago can’t even predict prices. Signs of third-world decay are now commonplace in the good ole USA. And now President Biden and every political dog and cat in Washington want to start a war with Russia.”
According to the Bureau of Labor Statistics, the price index for all items increased by 7.5 % in the last 12 months (until January.) This represents the largest one-year price increase since 1982. Meanwhile, the inflationary index in the food category reached 7 %.
In addition, the index for all items excluding food and energy increased by 6 %, which represents the largest 12-month change since the period ending August 1982, while the energy index increased by 27 % in the last year.