Posted on 02/14/2023 6:10:26 AM PST by Kaiser8408a
The January US inflation numbers are out and they were grim.
US REAL average hourly earnings fell … again … to -1.8% year-over-year (YoY) from a revised -1.6% YoY in Deember. That makes 22 straight months of negative hourly earning growth.
CPI Month-over-month (MoM) was revised upward for December, and increased from 0.1% in December to 0.5% in January. CORE CPI remained unchanged from the upward revision in December to 0.4% MoM.
Components of inflation include FOOD AT HOME (up 11.3% YoY), utility (piped) gas service (up 26.7% YoY) and shelter (up 7.9% YoY). So, the middle-class inflation tax (food, heating, housing) remains high.
Hey, I thought Treasury Secretary Janet Yellen said inflation was transitory. 22 straight months of negative hourly earnings growth seems more permanent than transitory.
(Excerpt) Read more at confoundedinterest.net ...
Inflation in prices, deflation in wages. What is the real cost to consumers. Prices up 15% wages down 10%? Doesn’t that add together to make misery?
Yes!
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