I’ve been shopping at the same food market for years. It’s not one of those fancy ones, with produce carefully and individually examined by certified food policemen. Nor is it one of those markets that feature an enormous selection of fine imported items and the choicest meats from around the world. It’s just the kind of place where most Americans get their basic grits on a regular basis. And boy, did I get a shock when I did my marketing there today!

I can’t say that I have every price of every item in every aisle memorized. I also can’t say that I’ve never seen prices rise gradually on some food items from time to time. But I have never seen price jumps like I found today, just five days since my last visit.

Every grain-based product, every milk-based product, every basic food, every snack, every meat, seemed not just more costly, but very much more so. I walked out with four small bags of food that were astonishingly light, with the certain knowledge that I’d have to do another grocery shop very soon.

I know the reasons for these hikes. Floods, drought, El Ninya, rising demand in China and India, worldwide low stocks in reserve. I understsnd this. I understand why food prices are starting to soar here, the way they’ve been soaring for some time in many other countries.

But I also know that next week, when the Fed’s “preferred measure of inflation” that excludes volatile food prices is announced, inflation will officially be declared still well under control and nothing to worry about. I also know that the one in 7 Americans who must now try to keep themselves and their families fed on food stamps are going to run out of food a few days earlier this month than last.

But you keep peddling those happy time inflation numbers, Mr. Bernanke. And keep snacking on computer chips, whose ever declining price makes is much featured in your own preferred measure of inflation. Many people might actually be fooled — except, of course, until they go grocery shopping.

More from this writer at http://blog.wallstreetpoet.com