I came across a web site which has a comparison of food & gasoline costs over the last 60 years: the same staple items in 1954, 1984, and 2014. Not surprisingly, prices are up – way up.
The same basket of goods which today costs $28.38, cost $11.26 in 1984. And, it cost only $3.68 in 1954! Prices for these items have gone up almost 8 times during the last 60 years – that’s a compounded annual rate of about 3.5%!