In a recent interview with NBC’s “Meet the Press,” former President Donald Trump highlighted the rising price of bacon as evidence of inflationary pressures on the U.S. economy. However, his claim that bacon prices have increased five-fold is incorrect. Since he left office in January 2021, the average price of a pound of sliced bacon has only risen about 12%.
While it’s true that food prices have been rising at a faster rate than energy costs, inflation in the United States is currently cooling and moving closer to the Federal Reserve’s target of 2%. Trump’s depiction of bacon prices is exaggerated and does not accurately reflect the overall trend.
Interestingly, food prices often attract the attention of economists. For example, The Economist’s “Big Mac Index” has tracked the price of McDonald’s iconic burger for 37 years as an informal measure of the currency’s purchasing power. The Bloomberg “Pret Index” also examines footfall at Pret A Manger locations in financial districts to assess office occupancy rates.
Although Trump’s focus on bacon prices may seem unusual, it is not uncommon to consider food-based economic metrics. However, the “Donald Trump Bacon Index” is unlikely to join the ranks of the Big Mac Index or the Pret Index.
In short, while Trump’s claim about the cost of bacon may raise eyebrows, it is not an accurate representation of the inflationary pressures currently affecting the U.S. economy.
Sources:
– Bureau of Labor Statistics
