The Federal Reserve reports no inflation.
That conclusion is being lost on consumers. Here’s what they are feeling in their pocket book:
- Gasoline prices have risen from below $2.50 in 2009 to approaching $4 per gallon
- Ground beef prices are up 16%, butter is up almost 30% and coffee is up 13%
- Medical expenses and new vehicles are all going up in price
- Even though their home values are crushed many home owners are facing higher property taxes from budget balancing governments.
And price inflation for food and fuel is not just a U.S. issue.
What is a U.S. family to do in the face of this global price inflation?
The fundamental answer is to adopt Buy Local Sustainability.
The Buy Local Sustainability lifestyle is more walkable and transit accessible. There is a financial investment upside in adopting Buy Local Sustainbility. Homes attractively positioned in terms of a lower demand on car-use are holding their values better compared to the homes that rely upon a super highway commute to work.
Another economic benefit is the potential of not owning a car (or one less car) by using the increasing option of renting a car on an hourly basis. The savings include not only not having a car payment but budget saving reductions in car insurance and car maintenance.
Another benefit is improved health. Walking promotes health.
A food budgeting saving action that helps the local economy is shopping at farmer markets. There are now over 6,100 farmer markets in the U.S. This is creating increased price competition for food that is typically fresher than your super market choices. And while the typical food item in a grocery store travels 1500 miles to reach your shopping cart, buying local contributes to your local economy.
Taking this one step further is growing your own food. Urban gardening is a mega-trend. New technologies are emerging for growing vegetables in smaller urban locations like porches and roofs. Joining a community garden is an attractive path for both getting reasonably priced food and meeting new friends. The community garden my family belongs to benefits us with heirloom tomatoes to die for, unique wines and great friends.
Buy Local Sustainability is a mega trend for dealing with global price inflation and is a mega trend for businesses offering the potential for building a loyal customer basis that is seeking to align value with their values.
Bill Roth is the founder of Earth 2017 that focuses upon the emerging smart, healthy and green economy. His book, The Secret Green Sauce, profiles best practices of businesses making money going green.