Tag: Econogal’s Inflation Check Challenge

March 2021 Wrap-Up

March 2021 provided much needed moisture here on the High Plains. The big snow event elsewhere came in the form of rain. Three days of precipitation. Then just a week later we had a quick, wet six inches of snow. All melted within 48 hours. All total, we received over three inches of moisture.

March 2021 In The Garden

Seedlings under grow lightsThe spring rains did not immediately turn into flowers. We still have the lagging effect of February’s brutal cold. The crocuses that can pop out of the ground by February 1, did not arrive until March 20th. And, the flowering trees have yet to make an appearance. So this Easter there will be an absence of color in the garden.

Several new fruit trees and bushes were planted, and a young sour cherry was transplanted. Of course, the weather was taken into consideration. A dream of having a greenhouse/garden house is becoming a reality. The cherry stood in the way but has adapted to its new spot in the yard.

The apple tree and plum tree have been protected from deer and rabbit. Plus, the raspberry is a dwarf and so will be a patio plant. More plantings will be done in the first half of April. This year may see a large amount of winterkill.

My grow light seedlings are coming along. The brassicas and leaf greens are in the process of hardening off. I have tentatively scheduled the transplanting for late next week. (After the mini heat wave which starts Easter Sunday.) Finally, the first of the asparagus have poked out of the ground. Soon, we will enjoy fresh garden grown veggies.

March 2021 In The Library

My reading goal of including more non-fiction is on track. Additionally, I am expanding the genres under the fiction category. Currently I am reading The Invisible Life of Addie Larue. Very interesting.

However, I am slacking off in the number of periodical articles perused.

Pandemic Thoughts

March 2021 certainly flew by faster than March 2020. It is hard to believe the pandemic is still ongoing. I did receive my first vaccination. There are no problems to report so far. I took the first vaccine available to me, Moderna. Time will tell if there will be any side effects, good or bad. Meanwhile, I am looking forward to seeing more family in the near future.

I am concerned by the many variants popping up throughout the world. My corner has returned to business as usual. Everything is open. For the most part masks are by choice. The exception is in healthcare areas. Perhaps we will be spared the variant strains. Starting Good Friday, anyone 16 or over may be eligible to receive a vaccination.

Inflation Check Challenge

The end of the first quarter is upon us. So our initial inflation check challenge is due. It is time to start filling the market basket formulated at the beginning of the year. Off the top, I know gasoline has skyrocketed. It will be interesting to see how other goods in the basket compare. Keep an eye out for the one-on-one comparison coming in late April.

 

 

 

 

Inflation Check Challenge

The inflation check challenge is a direct response to the higher gas prices on the return trip from Florida. In just ten days, there was a notable increase at the pumps. This prompted me to pay closer attention on a trip to the grocery store where things also seemed a wee bit pricier. So, I decided to issue the inflation check challenge to my readers.

How the Inflation Check Challenge Works

The first step in the inflation check challenge is to create a basket of goods to keep track of price. Items should be products (or services) that are purchased on a year-round basis. Thus, seasonal goods such as Valentine Candy or Easter Baskets are eliminated. The ideal basket will include ten to twenty consumable items. Food, gas, and medicinal items make the bulk of the basket. A key is to make the list reflect your regular spending habits.

Next, either buy or price these goods before the end of the month. This will create the base price. However, price is not the only indication of inflation. In some cases, suppliers are holding the price steady but decreasing the amount provided. For example, I have included a can of cream style corn. The can looks to be the same size but now there are only 14.75 ounces. But in the past the container held 16 ounces. So , it is important to record both price and quantity. Finally, you may want to note the merchant providing the good or service.

Then save your list to an Xcel sheet or if writing out long-hand, place somewhere safe so it won’t get tossed. AND a place easily remembered! Because at the end of April, July, and October we re-visit the Inflation Check Challenge. Of course, those so inclined can record monthly changes as well.

2021 Inflation Monitoring

2021 will provide mixed signals about inflation. But, year over year comparisons will be especially troublesome due to the Covid-19 shut downs in 2020. Even though the United States did not have a complete lockdown similar to the Wuhan Province in the People’s Republic of China, productivity plummeted in March through June of 2020. So did spending. Perhaps a comparison to that same time period in 2019 would provide more insight.

Other concerns regarding inflation come from pent-up demand. This will be an uneven demand as some states are more open for business than others. However, even individuals in the “open” states have had travel curbed. So, late in 2021 I think we will see more than just a return to normal. However, I do not know how long excess spending will continue. If at all.

Families have not only pushed back memorial services, but many young couples have delayed their nuptials. Furthermore, our mobile society has been hampered by the uneven ability to travel to locales such as Hawaii or New Mexico. I think we will have a major boom next fall. So, how long will this return to consumption last?

In economics, a low level of inflation is preferable to disinflation or worse, deflation. But stagflation such as experienced by America in the 1970’s and hyperinflation, which both Venezuela and the South Sudan have been battling are two concerns. Thus a need for monitoring inflation on an individual as well as a national basis.

Inflation Check Challenge List

I have fifteen items on my list including one fast food treat. If I snagged a sale price, I also list the regular price. Your list will be different than mine. The list should be a reflection of normal purchases that are quickly consumed. Therefore, don't include durable goods such as a new car or dishwasher.

Item

Planet Oat Extra Creamy Original Oat Milk

Small Bag Signature Select Sugar

Signature Select Cream Style Corn

Fleischmann’s Active Dry Yeast

Bananas

Kraft Real Mayo

Meow Mix

Morton Salt

Crest Pro-Health Toothpaste

Align Probiotics

Tide Botanical Rain Detergent

Kerr Regular Mouth Canning Lids

3M Ad. Allergy Furnace Filter

Dunkin Donut-Boston Cream

Regular Unleaded Gas

Amount

52 Oz.

4 Lbs.

14.75 Oz.

4 Oz.

1 Lb.

30 Oz.

6.3 Lbs.

26 Oz.

4.6 Oz.

28 Caps.

92 Oz.

12

1

Single

1 Gal.

Purchase Price

$ 3.49

 2.99

 0.69

 6.99

 0.59

 3.79

 7.78

 0.94

 4.99

26.58

11.97

 3.18

15.88

 0.99

$ 2.36

Regular Price

$ 3.99

 

 

 

 

  4.99

 

  1.19

  5.99

 

 

 

 

 

 

 

Inflation Check Challenge-Share your Basket

For those that participated in a previous Econogal Challenge, I hope you will take this on as well. This is the basket of goods I will keep track of during 2021. The future is impossible to predict. But we can record the present. What is in your basket?