Some recent information has caused me to wonder whether my concerns about inflation are overwrought and whether I really should be more concerned about the risk of deflation. But then along comes an article like this one from Bloomberg, about prices at McDonald's:
McDonald's said its prices were up about 3 percent through the end of June compared with 12 months earlier...McDonald's famous Dollar Menu now includes items that cost more than $1, and other items are creeping above $5. At some McDonald's locations in Chicago's Loop, a Double Quarter Pounder with cheese, fries and a drink totals about $7.50. Chicken Club sandwiches are $4.45, $4.99 and $5.19 at different Chicago McDonald's restaurants, without sides or a beverage....Restaurants are being pressured into boosting prices because of rising beef, cheese and pork prices, as well as minimum-wage increases. Minnesota, California and Michigan have recently hiked minimum pay levels.
Think about that for a moment: "McDonald's famous Dollar Menu now includes items that cost more than $1."
You'd think that some politician would be able to turn that into a story about the minimum wage and the Federal Reserve, no?