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Yes, Domino’s Left Italy
We’re not going to tell you for the millionth time that Domino’s Pizza (DPZ) exited the Italian market last week. Give it a break already. If The Juice sees that story one more time, it’ll squeeze the life out of us.
However, we are going to tell you how much more it might cost to make your own pizza this year compared to last year.
Digging Deep Into Inflation Data
When the Bureau of Labor Statistics (BLS) releases the inflation report, it includes tons of in-depth data. For some reason, the media likes to focus almost solely on the headline number and, yes, Domino’s faux pas.
Not here at The Juice. We squeeze (sorry) out every last, fresh detail, keeping the pulp.
For example, consider the increased cost of the main components of pizza between July 2021 and 2022:
However, if you want to make your sauce from scratch, the price of tomatoes are actually down 1.4% year-over-year and lower by 2.4% between June and July of this year.
Other interesting annual price increases and decreases:
What’s the difference between margarine and butter? Heck if we know.
Other than “uncooked beef steaks” (-1.5%), none of the items the BLS tracks are down year-over-year. The overall meat index? That’s up 7.2%.
Scroll with us to dig deeper into the inflation data and see how people are dealing.
One of America’s most successful entrepreneurs goes public with ”4th and Final Prediction.” His first three all came true—will this one too?
The City With The Highest Inflation
We can’t tell you why, but the Tampa-St. Petersburg-Clearwater metro is, as of the most recent report, experiencing the worst inflation.
It’s up 11.2% year-over-year and 1.3% between May and July.
Next in line, Dallas-Ft. Worth-Arlington at 9.4%, followed by Riverside-San Bernardino-Ontario, CA at 9.2% on an annual basis.
It’s Still Bad Out There
Despite the headlines screaming about how Domino’s left Italy (lol) and inflation is slowing down, the year-over-year numbers remain astronomical. And that’s really what matters.
Plus, all that really came down meaningfully month-over-month (-7.7%) is gas. And it’s still up like 44% annually.
It’s so bad out there that a New York Life study shows that, to cover the higher cost of most everything, households, on average, withdrew $616.73 from their savings accounts in the first six months of the year. This jibes with the nation’s steadily declining personal savings rate.
Among the top money concerns from the survey:
Source: New York Life
To cut back, 45% of Americans say they don’t dine out or order from restaurants as frequently. Thirty-nine percent have slowed down on travel and vacations, while 37% do not attend live events as much as they did before.
Interestingly, amid these near-term concerns and cutbacks, there’s relative optimism going forward:
The Kids Aren’t Alright?
Among younger people, Generation Z and millenials are less confident today than they were six months ago that they’ll be able to retire when they’d like. At the same time, however, a majority in both groups (82% for Gen Z, 67% for millennials) are confident their retirement savings will last for the rest of their lives.
The Bottom Line: That last piece of seemingly conflicting data could indicate that Generation Z and millennials, in particular, view what we’re living through as a near-term obstacle. The present environment won’t last forever and, soon enough, they’ll be able to get back on track.
Or the people making these positive responses just aren’t the ones raiding their savings to get by.
In any event, if you’re hurting, go back to basics.
Write down all of your expenses. Like from your checking account or credit card statement. See where you actually spend your money. Adjust and reduce accordingly.
If you’re doing well – or once you get your personal financial ducks in a quack-free row – start investing what you can if you don’t think the market’s recent rally is a head fake.
Those beaten-down restaurant stocks, highlighted today from our proprietary Trackstar database of the tickers investors search for most, could be a good place to start.
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