Posted on 03/12/2024 6:51:48 AM PDT by Kaiser8408a
Unlike what Grand-dad Joey Biden screamed at the State of The Union (SOTU) address, inflation is NOT been defeated. In fact, inflation has defeated Biden and The Federal Reserve.
After January’s surprised upside shift, expectations have been adjusted up over the last month for another sizable MoM move in headline CPI. But that was not enough as the 0.4% MoM rise in the headline (as expected – highest since August) lifted CPI YoY up to +3.2% (hotter than the 3.1% exp)…
Source: Bloomberg
The 3-month annualized CPI rate was rose to 2.8% from 1.9%. The 6-month annualized core rate dropped to 3.2% from 3.3%.
Energy costs surged MoM as Core Services inflation slowed MoM…
Source: Bloomberg
Full CPI MoM breakdown:
The index for all items less food and energy rose 0.4 percent in February, as it did the previous month.
The shelter index increased 0.4 percent in February and was the largest factor in the monthly increase in the index for all items less food and energy. The index for rent rose 0.5 percent over the month, while the index for owners’ equivalent rent increased 0.4 percent.
Inflation remains hot, hot, hot although Biden/Yellen will undoubtedly say that it is lower than last year. But remember, consumer prices are up a staggering 19% under Bidenomics. THAT is a major tax of those making under $200,000 per year, Joey.
(Excerpt) Read more at confoundedinterest.net ...
Discretionary income is steadily shrinking under the weight of persistent inflation. We are a consumer driven economy so when the consumer gets squeezed its eventually going to retard economic growth.
(As an aside there’s an article on Zero Hedge about how the effects of sanctions related to the war in Ukraine are contributing to inflation here at home.)
No surprise here. The only surprise is the government reported it honestly usually they under report and make a correction later on which no one hears.
Food up 80%
We are a consumer driven economy so when the consumer gets squeezed its eventually going to retard economic growth.
With this pResident, retarded is what can be expected.
US inflation up again in February in latest sign that price pressures remain elevated
https://ktla.com/news/ap-top-headlines/ap-us-inflation-likely-stayed-elevated-last-month-as-federal-reserve-looks-toward-eventual-rate-cuts/
Yes I retired early from Education in 2018. Surprisingly even with reduced income my bank accounts and stocks rose steadily until the COVID/Biden twin disasters.
So from pensions I had steady but in no way generous income. I have flipped wrecked cars but that has been very minor profits once costs are calculated. Yet my saving accumulated steadily—or DID under Trump.
Not anymore, I still get the same income as 3 years ago. My accounts now have basically frozen and I’d say we spend even less. Inflation is like a family thief, you don’t even notice it but it quietly steals from you every time you let your guard down or look away for a second.
My idea: A credit card attached to an IRA/401k account for retirees. On days when one’s account goes up(we’re talking thousands of dollars) the holder takes his/her friends out to eat, adding a 20% on the account for income taxes. Same day withdrawal as opposed to going through the motions.
On most days the accounts go up. Doesn’t have to be eating. Just buy something-anything. No tax cut for the rich, just the well-off pulling the cart.
Just went to Kroger last night. The prices are eye popping.
I don’t know how young families or retirees can pay these prices.
The wife admitted the other night she doesn’t like eating out anymore...because she feels like we’re being abused. I agree.
Stagflation!
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