Social media users are expressing their frustration with inflation by drawing comparisons between the modern-day prices of everyday household items and those depicted in the 1990 classic film “Home Alone.”
In the iconic movie, Kevin McCallister is seen purchasing a range of household goods, including orange juice, Saran wrap, toilet paper, dryer sheets, frozen mac & cheese, milk, Tide, TV dinner, Wonder bread, and toy soldiers, all for $19.83. However, a recent analysis by Fox News reveals that buying the exact same list of items shown in the movie in 2022 would cost $44.40, and in 2023, it would amount to $72.28.
Inflation is commonly measured by the Consumer Price Index (CPI) which reflects the average prices of essential goods and services that Americans regularly purchase. This includes items such as gasoline, milk, fruit, meat, TV fees, and doctor visits. A consistent upward trend in the average prices within this index over several months is indicative of rising inflation.
In 2022, the CPI reached its highest percentage increase in decades, peaking in June. Among the grocery stores items highest impacted by inflation were eggs, beef, butter, and lettuce.
Various factors have contributed to the rampant inflation experienced in recent years, including the uncontrollable consequences of the COVID-19 lockdown. But irresponsible government spending that leads to budget deficits, which requires the government to print more money, is the leading factor in inflationary woes that consumers are burdened with. In response to the inflationary pressures, the Federal Reserve has attempted to curb inflation by raising interest rates in recent months. While there are indications that inflation is beginning to ease, grocery prices remain high as a consequence of these events.
According to the U.S. Department of Agriculture (USDA), food prices have risen 5.8% in 2023. Unfortunately, these price increases will continue as the USDA estimates that all food prices are expected to increase by at least another 2.9% in 2024, adding to the concerns surrounding the continued impact of inflation on everyday consumer goods.
