Prices of basic necessities have seen a historic surge in the US: Since November 2019, motor vehicle insurance costs have soared +56.1%, the largest increase of any major consumer category. Utility gas service and motor vehicle maintenance costs have both surged +48.8%, followed by a +46.1% increase in coffee prices. Electricity prices alone have jumped +40.4% over the same period. Meanwhile, meats, poultry, and fish prices have climbed +38.1%, while food away from home has risen +34.8%. All of these categories have far outpaced the +26% increase in headline CPI inflation. Only asset owners are protected from compounding inflation.(The Kobeissi Letter)