Wegman’s, the NY-based grocery store chain, has announced that it will freeze prices on 40 products, the WSJ reports.
Basic staples like fruit, vegetables, coffee, etc. won’t go up for the rest of the year.
Why is this genius? Because food inflation is basically a myth at the consumer level, though thanks media hysteria, everyone thinks they’re paying $36,000 for a loaf of bread.
So Wegman’s gets to sound bold — doing its part to help families, etc. — while not doing anything.
Oh, don’t believe us that food inflation is a myth?
Here’s the food component of the CPI. Looks pretty nicely in the same range it’s been for years.