Posted on 05/28/2021 1:09:48 PM PDT by blam
And Now Prices Are Really Soaring: May Rent Jump Is Biggest On Record
With BofA predicting that the US is facing a period of “transitory hyperinflation” as a result of soaring commodity prices in everything from metals to food…
The @UNFAO global food price index rose for an 11th month in April to a seven year high at 120.9, representing a y-o-y jump of 30.7%. Food #inflation has not risen this fast since 2011 with all sectors rising led by sugar and oils – #agriculture #grains pic.twitter.com/V78egWukzI
— Ole S Hansen (@Ole_S_Hansen) May 6, 2021
…. and beyond, in what increasingly more warn is a stagflationary burst right out of the 1970s playbook…
… it makes sense that home prices are also surging thanks to trillions in stimmy checks, near-record low mortgage rates and an exodus away from cities, and as we noted two weeks ago that’s precisely what they are doing, with Redfin reporting an 18% jump in median home sale prices to an all time high…
… as a record 58% of all houses sell within two weeks of listing, of which 45% sell for more than their listing price, also a record.
Amid this dismal “transitorily hyperinflationary” landscape, where those whose incomes aren’t similarly hyperinflating find themselves at risk of being unable to afford a roof above their head, there was one ray of hope: renting, with rent prices tumbling in recent months and according to the BLS’ monthly CPI metric, rent inflation had just dropped to the lowest in a decade, just below 2.0% annually…
… which due to the way the CPI basket is weighted acted as a key anchor on overall CPI rates, and served to distort the broader inflationary picture. In short, the Fed would look at the relatively tame core CPI which was only tame thanks to “tumbling” rents and would conclude that there is nothing to worry about.
Only, as we first discussed three weeks ago, it now appears that not only was the government misrepresenting the actual data in hopes of extracting as much stimulus from the Biden regime by pretending inflation is low and “contained”, but that rents are in fact soaring once again.
(snip)
Pedo joe sees no evidence of inflation. DOH! 😲🐫💨💩
He was looking at his johnson at the time…
Bring the pain. It pains me to watch what the Biden crew is doing to this country, I want at least that much pain and more to be brought to Biden voters.
Not to worry, it’s only transient inflation. The fed said so.
Thx Biden.
Somebody told me they saw someone on MSNBC, who said inflation is not a problem, and that it will not be a problem.
So some allegedly knowledgeable prognosticators on that network, are telling their viewers that inflation is not going to occur. Just an observation.
And when it bites them in the butt, the true believers will blame it on Trump, not on Biden’s policies.
I can hear it now. The liberals will say that Trump set off a time bomb, set to explode after Joe had been president for many months, so that Trump couldn’t be blamed.
I think I’ll buy a house, OMG, look at those prices! I think I’ll build a house, OMG, look at the price of lumber! I think I’ll rent, ....
oh, well, if it’s “transient inflation”, instead of the old fashioned traditional inflation, then that makes a difference.
They are setting up their talking points. Transient inflation will be said to be not a real inflationary spiral. And it may even be blamed on Trump. Just wait and see.
That’s what happens when you allow tenants to get away without paying their rent.
That Janet huh? 😲
I read some builders are inserting language to let them raise the final completed price due to rising costs. And buyers are signing. WTH?
Gasoline is now $1 higher almost in just 6 months after the faux president took office
Another meaning for “transitory hyperinflation” is Marxism.
The Biden inflation is the under-table tax on families making less than $400k.
But but but, the federal income tax on families making less than $400k are not going up.
Those people will pay instead by inflation.
Can’t even afford a new refrigerator so I can live in the box.
and biden will break his ‘promise’ too- so prices will go up and so will taxes- for everyone practically
There is inflation in just about everything except the intelligence, competence, honesty, etc. in the Slow Joe administration.
Who could have predicted inflation after creating trillions of dollars of funny money... except every rational thinker.
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