In a field of kolbassa, a lonely beef tenderloin.
I have no idea if the person who dropped a package of beef tenderloin into a foodstore bin of kolbassa was actually swapping steak for sausage. But the symbolism of this image is obvious to anyone living with food inflation.
In a field of kolbassa, a lonely beef tenderloin. A metaphor for food inflation.Rob Carrick/The Globe and Mail
The recently announced September inflation number was described by economists as good news because the 3.8 per cent year over year increase in the cost of living was less than the 4 per cent rate in August. Dig into the numbers and you’ll find that food inflation came in at 5.9 per cent. This is typical of the past year or two of rising prices – however much the overall cost of living rises, food goes up far more.
I noticed the abandoned beef tenderloin on a recent rip through a local foodstore. The beef was on special and cost $17.94 for two steaks, which seems like an OK deal for beef tenderloin. I might just have exposed my lack of grocery store food shopping savvy there, but whatever. The point is that someone picked up a luxury-type grocery item and then walked away. Is this the future of grocery shopping?
Inflation will eventually come down to the 2 per cent level preferred by the Bank of Canada, but that just means more modest price increase than we’ve seen lately. There is no going back to the pricing of yesteryear, which means hard choices at the grocery store now and in future. Which way to the tofu aisle?
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Got any photos that tell a personal finance story? Shrinkflation in action? Greedy banks? Weirdness in real estate or retail stores? Send them my way at rcarrick@globeandmail.com.
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Rob’s personal finance reading list
Dollar store duds and bargains
A survey of dollar store items that offer good value, and what to avoid. Makeup, for example. My own two cents is that dollar stores are great for buying travel size toiletries. Way cheaper than drugstores.
Who’s who in prepaid cards
A look at players in a small but growing part of the payments system, prepaid cards. Load some money on your card from a bank account and then use it to spend anywhere that accepts credit cards. Prepaid cards have some benefits for travellers, and people who want to exert control over how much they spend.
Are online mattresses worth it?
Mattresses you buy online rather than in a store can save you hundreds of dollars, but how do they stack up for comfort, supply and addressing back pain. Answers in this Reddit discussion.
Take a pass on used EVs
As noted in a recent newsletter, pricing for electric vehicles needs to come down to improve affordability. Thinking of buying a used EV to save money? One reason not to do this is that the older EVs on the used vehicle market may have battery issues.
Cottage Callout
Globe reporter Salmaan Farooqui is reporting on the tumbling cottage real estate market and is looking to either speak to people trying to sell their homes or buyers trying to take advantage of a relatively cheap market. Reach out to him at sfarooqui@globeandmail.com if you’d like to share your experience.
Q&A
Q: A few years ago, I sought debt consolidation and credit counselling due to $30,000 in student debt and maxed out credit cards. I’ve since worked very hard to become debt-free and financially literate. The debt consolidation has been expunged from my record, and I’ve built a credit score of 836. This month, I got distracted and missed paying my credit card bill for the first time. I paid it in full the next day as soon as I realized, but I’m now losing sleep over how this slip will impact my credit score and clean track record. Can you offer any insight on this?
A: First, congrats on dealing with your debt and building an A+ credit score. Well done. As for your accidental late credit card payment, check out this information from then credit monitoring company Equifax. It says a late payment may not be reported to credit bureaus if you’re only a couple of days or weeks late. Suggestion: Call your credit card company, explain the situation and see what can be done. Worst case, the late payment will lower your credit score somewhat. However, the decline would still likely leave you with a very good rating that presents no problems if you borrow money.
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.
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The Money-Free Zone
You know the buzz you get when you hear a really good new song? The latest for me is Roustabout, which is on a new album from Australian musician Jamie Hutchings. A roustabout’s regrets, with scratchy vocals and an addictive piano hook.
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What I’ve been working on
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- For people who put work first in their life, a risk of retirement regrets
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