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From @balajisThis is the single best long run measure of food inflation. And it’s gone vertical.The original post lays out the logic. Campbell’s No. 1 can hasn’t changed. For more than 100 years, same thing. Same ingredients, same volume. So it’s a great benchmark. And it reveals rapid inflation. Especially since 2020. Counterarguments:Real prices should be flat or declining due to tech progress. Not increasing.Real prices should be flat or declining due to tech progress. Not increasing.Flat for a year after rising so fast isn’t a great victory.Flat for a year after rising so fast isn’t a great victory.
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