An analysis by The Wall Street Journal found that a commonly purchased basket of supermarket goods has increased in price by 36.5% over the past 4 years (+8.1% per year). This is much higher than the U.S. Government CPI figures, which show food price inflation of 25.2% over the last 4 years (+5.8% per year).

A key U.S. inflation gauge increased last month at its fastest pace since April 2023, showing that underlying price pressures remain persistent. The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics.

Traders are now pricing in fewer than two rate cuts for 2024 — down from more than six at the start of the year — perhaps starting in July. But even that’s looking tenuous due to headline CPI hitting 3.5% in March. The growing view on Wall Street is that inflation will need to get closer to the Fed’s 2% target before the central bank makes a move. It’s now if, not when.

Alongside its $1.50 hot dog and soda combo, gallon tubs of mayonnaise, and value packs of socks, Costco, the warehouse retailer, has been selling gold bars since October. Now Costco is selling up to $200 million worth of gold and silver each month.