WASHINGTON, D.C(Reuters)
- 00:10Good morning, Mr. President.
- 00:14Our experts believe in the data shows that most of the price increases we’ve seen are were expected and expected to be temporary. My administration to do everything we can to address it.
- 00:26But again, these disruptions are temporary.
- 01:01The food prices are up a lot.
- 01:05Notice it in.
- 01:07You know the basics like eggs and milk and and you go to the fruit aisle or the fresh vegetable aisle. There’s nothing less than like 3 or $4 per pound or per whatever. I mean, Peaches are a dollar each. Yeah, it’s kind of crazy.
- 02:11No, I don’t think the government’s done a good job because all last year this began and they did nothing because they thought it was temporary. And you know, during the pandemic.
- 02:24Everybody got passed out money, including stores and all of that, and so it’s like too much money floating around. They were very late to the game and I don’t think the administration’s really put it as a very high priority.
- 02:41You know the they try to blame it on other things like the war in Ukraine and.
- 02:49And you know, and Putin, that kind of thing. We know it’s once inflation gets in people’s mind. It’s endemic. And then everybody wants higher wages and it begins to spiral.
- 03:27Of course, we’ve all noticed mostly at the gas pump, so I just filled our.
- 03:34Volvo Car or Volvo SUV up and it’s quite expensive, so I’ve noticed that it’s mostly what I’ve noticed. And of course in the supermarket those two places.
- 03:54Well, I think the Federal Reserve said it was temporary. So I think maybe we could blame the Fed more than we can blame President Biden. They kept saying it was temporary for quite a while and they finally had to change their tune. And now we have some serious interest rate hikes.
- 04:09So yeah, I think everything’s all. Economic cycles are temporary, it’s just a question of how long it looks like this is going to be here for.
- 04:18Quite a few months, if not longer.
- 04:47I mean this is this is something that is is on everyone’s mind. If you look at surveys, whether it’s with Harvard or with Pew, this is this is inflation is the number one topic for for customers today, and we’re well aware of that.
- 05:00But not only those things are more expensive, the portions are smaller and the prices are higher, so they try to trick you.
- 05:08What was 12 months now is 10 ounces, but only $0.10 more, so it’s not too bad, but the content is smaller.
- 05:36I have noticed a change. They’re much higher and I don’t buy near as much.
- 05:57Yes, I was just saying yesterday that I bought a 6 pack of Diet Coke and it was over $8.00 and I remember it being 5 or something like that and I’ve noticed it with wine prices. I’ve noticed it with.
- 06:12Dairy prices
- 06:15and then of course just normal prices too. We recently bought an air conditioner and it was quite. It was a lot more than I think we would have spent last year.
- 06:23Have
- 06:23you changed any of your?
- 06:25I think I buy more generics now than I used to because of because of inflation like I used to always buy brand names and I buy a little bit less organic. I think as well.
- 07:15Fish.
- 07:15This astronomical and we adhere to the Mediterranean diet so it’s been.
- 07:21I mean, it’s just two of us.
- 07:24Our groceries went up from about 1:35 to 1:50 a week.
- 07:32200 and over.
- 07:34So I’ve made some adjustments and.
- 07:38And.
- 07:39This is the way it is right now. There’s too many.
- 07:43A crisis going on in the United States and in the world to be handled all at one time and to make anything really.
- 07:52Make a significant.
- 07:54The difference in the economy at this point.
- 07:58Wow, you had a lot to say, mom.
- 08:00I do, I think about it a lot, you know.
- 08:07That is.
- 08:33You’re.
- 08:3959
- 08:39dollars and 50.
- 08:40$0.02 discount.
- 08:41Your total is gonna become $49.20.
- 08:44Three cents.
1. U.S. PRESIDENT JOE BIDEN ENTERING THE ROOM AND WALKING TO LECTERN
2. (SOUNDBITE) (English) PRESIDENT JOE BIDEN SAYING:
” Our experts believe and the data shows that most of the price increases we’ve seen were expected and were expected to be temporary. (WHITE FLASH) My administration is going to do everything we can to address it. But again, these disruptions are temporary.”
MCLEAN, VIRGINIA, UNITED STATES (JULY 13, 2022) (REUTERS – Access all)
1. EXTERIOR OF LIDL MARKET
2. SHOPPERS IN AISLE OF MARKET LOOKING AT FOOD
3. WOMAN PICKING BLUEBERRIES
4. (SOUNDBITE) (English) GEORGE MCBRIDE, 70-YEAR-OLD MCLEAN, VIRGINIA RESIDENT, SAYING:
“The food prices are up a lot. I noticed it in the basics like eggs, and milk. You go to the fruit aisle or the fresh vegetable aisle, there’s nothing less than three or four dollars per pound or per whatever. I mean, peaches are a dollar each! It’s kind of crazy.”
5. HAND PICKING PEACHES
6. MEAT ON SHELF AT $19.99 PER POUND
7. MEAT ON SHELF AT $18.48 PER POUND
8. VARIOUS OF GROUND MEAT ON SHELVES
9. CHICKEN DRUMSTICKS ON SHELF
10. (SOUNDBITE) (English) GEORGE MCBRIDE, 70-YEAR-OLD MCLEAN, VIRGINIA RESIDENT, SAYING:
“No, I don’t think the government has done a good job because all last year, this began and they did nothing because they thought it was temporary. During the pandemic, everyone got passed out money, including stores and all of that, and so it’s like too much money floating around. They were very late to the game, and I don’t think the administration has really put it as a very high priority. They try to blame it on other things like the war in Ukraine and Putin, that kind of thing. Once inflation gets in people’s mind, it’s endemic and then everybody wants higher wages and it begins to spiral.”
11. MAN PICKING UP CHEESE FROM SHELF AND PUTTING IN CART
12. VARIOUS OF MAN PUTTING PACKAGES OF STRAWBERRIES IN CART
13. (SOUNDBITE) (English) JOHN CONNORS, 71-YEAR-OLD MCLEAN, VIRGINIA RESIDENT, SAYING:
“Of course we’ve all noticed, mostly at the gas pump. I just filled our Volvo car, a Volvo SUV up and it was quite expensive so I’ve noticed that. That’s mostly what I’ve noticed. And of course in the supermarket. Those two places.”
14. MAN LOOKING AT CHEESE
15. (SOUNDBITE) (English) JOHN CONNORS, 71-YEAR-OLD MCLEAN, VIRGINIA RESIDENT, SAYING:
“Well, I think the Federal Reserve said it was temporary so I think maybe we could blame the Fed more than we can blame President Biden. They kept saying it was temporary for quite a while and they finally had to change their tune and now we have some serious interest rate hikes. So yeah, all economic cycles are temporary, it’s just a question of how long. It looks like this is going to be here for quite a few months if not longer.”
16. MAN LOOKING AT PACKAGE OF FOOD AND PUTTING IT BACK ON SHELF THEN WALKING AWAY
17. MAN GETTING PASTRIES
18. VARIOUS OF BAKED GOODS ON SHELVES
19. (SOUNDBITE) (English) WILL HARWOOD, DIRECTOR OF COMMUNICATIONS FOR LIDL U.S., SAYING:
“This is, this is something that’s on everyone’s mind. If you look at surveys, whether it’s with Harvard or with Pew, this is, this is, inflation is the number one topic for customers today and we’re well aware of that.”
20. (SOUNDBITE) (English) RUTH, SHOPPER, SAYING:
“But not only are things more expensive, the portions are smaller and the prices are higher. So they try to trick you. What was 12 ounces, now is ten ounces but only ten cents more, so it’s not too bad, but the content is smaller.”
21. PRICE SHOWING PRICE CUT
22. VARIOUS OF PRICES ON SHELF SHOWING PRICE PER OUNCE
23. (SOUNDBITE) (English) CHRISSY OLANDER, FALL CHURCH, VIRGINIA RESIDENT, SAYING:
“I have noticed a change. They’re much higher and I don’t buy near as much.”
24. VARIOUS OF WOMAN PICKING UP PACKAGE OF PEPPERS AND PUTTING IN CART
25. (SOUNDBITE) (English) LISA ROSS, 44-YEAR-OLD MCLEAN, VIRGINIA, RESIDENT, STANDING NEXT TO HER MOTHER, SAYING:
“Yes, I was just saying yesterday that I bought a six-pack of Diet Coke and it was over 8-dollars and I remember it being 5 or something like that. And I’ve noticed it with wine prices. I’ve noticed it with dairy prices. And then of course with normal prices too. We recently bought an air conditioner and it was a lot more than I think we would have spent last year.”
JOURNALIST (OFF-CAMERA): Have you changed any of your habits?
ROSS: I think I buy more generics (store brands) now than I used to because of inflation. I used to always buy brand names and I buy a little less organic I think as well.”
26. VARIOUS OF TOMATOES IN BOXES
27. VARIOUS OF FRESH PRODUCE IN BOXES
28. (SOUNDBITE) (English) DANA BURCHFIELD, 72-YEAR-OLD BROOKHAVEN, GEORGIA, RESIDENT, STANDING NEXT TO HER DAUGHTER, SAYING:
“Fish is astronomical and we adhere to the Mediterranean diet so it’s been. I mean, it’s just two of us. Our groceries went up from about 135 (dollars) to 150 a week to 200 and over. So I’ve made some adjustments. This is the way it is right now. There’s too many crisis going on in the United States and in the world to be handled all at one time and to make anything really, make a significant difference in the economy at this point.”
ROSS: “Wow, you had a lot to say mom.”
BURCHFIELD: “I do. I think about it a lot.”
29. HAND PUTTING BEER, WINE AND ICE CREAM ON CONVEYOR BELT
30. FOOD ON MOVING CONVEYOR BELT
31. VARIOUS OF CASHIER RINGING UP GROCERIES
32. CASHIER TELLING CUSTOMER FINAL PRICE
33. EMPTY SHOPPING CART ROLLING INTO OTHER CARTS
STORY: As US. consumer prices surged 9.1% in June, the largest annual increase in more than four decades, shoppers recalled the words of President Joe Biden, who one year ago assured Americans that inflation was temporary.
At this Lidle in McLean, Virginia, shoppers like 70-year-old George McBride said he had sought out stores with competitive prices after noticing that costs for staples had increased
“The food prices are up a lot. I noticed it in the basics like eggs, and milk. You go to the fruit aisle or the fresh vegetable aisle, there’s nothing less than three or four dollars per pound or per whatever. I mean, peaches are a dollar each! It’s kind of crazy,” he said.
Driving inflation are stubbornly high costs for gasoline, food and rent. Though a global problem, high inflation is a political risk for U.S. President Joe Biden and his Democratic Party heading into congressional elections in November as voters remember that one year ago, Biden said price increases were expected to be temporary.
McBride said the Biden administration is to blame for not moving quickly enough to control inflation.
“No, I don’t think the government has done a good job because all last year, this began and they did nothing because they thought it was temporary. During the pandemic, everyone got passed out money, including stores and all of that. And so it’s like too much money floating around. They were very late to the game,” he said.
The inflation data followed on the heels of stronger-than-expected job growth in June and suggested that the Fed’s aggressive monetary policy stance had made little progress so far in cooling domestic demand and bringing inflation down to its 2% target.
Virginia resident John Connors said the Federal Reserve could have acted quicker but he thinks inflation is just part of the economic cycle and will eventually improve.
“They kept saying it was temporary for quite a while and they finally had to change their tune and now we have some serious interest rate hikes,” he said. “So yeah, all economic cycles are temporary, it’s just a question of how long. It looks like this is going to be here for quite a few months if not longer.”
Annual food prices are rising at their fastest pace since February 1981, with energy prices posting their largest jump in more than 42 years.
The larger-than-expected increase in the year-on-year consumer price index reported by the Labor Department on Wednesday also reflected higher prices for healthcare, motor vehicles, apparel as well as household furniture. The CPI increased by the most in nearly 17 years on a monthly basis.
Lisa Ross was shopping with her mother Dana Burchfield and both said they’ve changed their shopping habits after seeing prices increase for food, wine and consumer goods.
“Fish is astronomical,” said Birchfield. “I mean, it’s just two of us. Our groceries went up from about 135 (dollars) to 150 a week to 200 and over. So I’ve made some adjustments. This is the way it is right now.”
Consumer prices are surging, driven by snarled global supply chains and massive fiscal stimulus from governments early in the COVID-19 pandemic.
The ongoing war in Ukraine, which has caused a spike in global food and fuel prices, has worsened the situation.
