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To: russwinter who wrote (3788)	4/7/2004 10:55:26 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 116555

Are you serious about CPI inflation running 2-3% a month. That is 24-36% annualized compared to an official rate of 2-3% per annum. I realize the CPI greatly understates inflation, but not to that extent IMHO.

To: russwinter who wrote (3788)	4/7/2004 11:29:44 AM
From: DOUG H	Read Replies (1) \| Respond to of 116555

the consolidation will cut the company's first-quarter operating income by about $1.5 million to $1.8 million. You will see ALL restaurants take defensive pricing soon. These are results are reflective of where prices were at the time they purchased the underlying commodity. In addition, Papa John's said the consolidation of BIBP is projected to affect the company's operating income in the second quarter* by about $19 million* This is a best guess of the effects of where they are today. We are bracing for similar price action from producers as existing contracts are fulfilled and new agreements are put in place. Botoomline is it will cost more to eat but of course CPI will not reflect that fact that consumers traded down from Chicken Cordon Blue to Bean burritos.

To: russwinter who wrote (3788)	4/7/2004 1:21:43 PM
From: reaper	Read Replies (2) \| Respond to of 116555

Papa John's is an impact in the real world? Seriously sir, how closely to you follow Papa John's? They go through these periodic bouts of cheese inflation every 3-ish years (first bad one to my recollection was 1998 or so) which is why they formed that off-balance-sheet cheese trading company to begin with (to smooth out the crazy year-to-year variances in cheese costs). Also in the real world, Ruby Tuesday's reported last night. Cost of goods 25.3% of revenue, DOWN from 26.6% last year. So yeah, I'm listening to plenty of conference calls in the food and retailing area. biz.yahoo.com So there is my one-off-anecdote to offset your one-off anecdote (and fwiw, the total sales at my anecdotal company are bigger than the total sales at yours). Also in retailing, i bought a DVD player at WalMart for $49 bucks over the weekend. And just yesterday I bought three sweeeeet Easton Triple7 Connexion -3 bats new for $159 each. I can assure you both prices were well below what i paid for similar items last year. However, i also paid $160 each for Green Monster tickets for a weekend game against the Phillies, so maybe you're right about this inflation thing after all. Cheers