Posted on 02/10/2022 6:02:35 AM PST by Red Badger
SPONSORED: MISUNDERSTOOD: THE HUAWEI STORY TheHill.com Annual inflation reaches 7.5 percent, highest rate since February 1982 BY SYLVAN LANE - 02/10/22 08:37 AM EST 161 Share to Facebook Share to Twitter
Just In... House Oversight Committee launches probe into boxes of Trump presidential records HOUSE — 2M 41S AGO Ohio, California senators make Super Bowl wager IN THE KNOW — 16M 24S AGO UK's Johnson: Next few days 'most dangerous' in Russia, Ukraine standoff INTERNATIONAL — 17M 43S AGO Annual inflation reaches 7.5 percent, highest rate since February 1982 FINANCE — 21M 50S AGO VIEW ALL Consumer prices rose 7.5 percent annually by the end of January, according to data released Thursday by the Labor Department, the fastest rate since February 1982.
The Labor Department’s consumer price index (CPI), which tracks inflation, rose on an annual basis for the sixth consecutive month and above the 7.2-percent increase projected by a consensus of economists.
Consumer prices also rose 0.6 percent in January, the same rate as in December, after falling for three consecutive months.
Without food and energy prices, the CPI rose 6 percent annually, the fastest rate since August 1982.
The U.S. has faced high inflation since mid-2021 as a surprisingly strong rebound from the coronavirus recession also kindled price increases. While the U.S. economy added more than 6 million jobs last year, grew 5.7 percent and saw consumer spending return to pre-pandemic levels, the rush of demand collided with severe supply and labor shortages, shipping bottlenecks and other pandemic-related constraints.
Price hikes for food, electricity, and shelter contributed the most to January's inflation jump, the Bureau of Labor Statistics said Thursday. Food prices rose 0.9 percent in January, nearly twice December's gain of 0.5 percent, and energy prices also rose 0.9 percent as higher electricity rates offset declines in gasoline and natural gas prices.
Many economists, including top White House and Federal Reserve officials, expected inflation to cool off over the summer as the pandemic faded and more Americans returned to work. But the persistence of high inflation has posed significant political and policy challenges for both the administration and the central bank.
President Biden and Democratic lawmakers have struggled to sell the strength of the recovery to voters, who are increasingly dissatisfied with their handling of the economy, according to recent polls. The rising costs of food, fuel, and other consumer staples has wiped out rapid wage gains for many workers — along with the political benefit.
Food prices are 7 percent higher, gas prices are 40 percent higher, and energy prices in general are 27 percent higher than in January 2021, according to the Labor Department.
The Fed has also laid the groundwork to raise interest rates several times this year as inflation rises well above their annual average target of 2 percent. The bank all but formally confirmed it would raise interest rates in March from the current baseline, which was set near zero as the pandemic wracked the global economy in 2020.
Most Republican lawmakers and an array of economists had urged the Fed to begin hiking interest rates last year, though Fed officials resisted over concerns it would limit the return of workers to the labor force. The Fed, however, pivoted sharply in December as inflation continued to spike and pose potential threats to future job gains.
The January inflation figures will keep the Fed firmly on its path to hike interest rates, though higher borrowing costs may have little impact on the shipping bottlenecks, COVID-19 containment measures in other countries, and labor shortages driving prices higher.
Updated at 8:54 a.m.
BS on the numbers.. that should be 7.5% on top of the last 7% rating or 14.5% which is probably still low.
Crappy days are here again.........................
Even the Talking Heads on GMA are yammering about this, this morning. I can hear them from the other room. (I always leave the room when Beau tunes in to any ‘national propaganda.’)
Let’s Go, Brandon! Most. Popular. President. Ever. EVER!
*Rolleyes*
Surly 81 million people can’t be wrong. /s/
Communism and Democrats (same thing) should be outlawed.
They have already tried gaslighting, with Biden giving a speech about how great everything is the economy is booming, the fake jobs reports and all.
Didn’t work...................
The real inflation rate is over 10%.
Shadow Stats pegs Consumer Inflation at 15% right now, matching 1981.
http://www.shadowstats.com/alternate_data/inflation-charts
On the Bright Side, there will be 15% raises for everyone that’s working, and 15% increase on those of us on fixed incomes.
Right? I mean, it’s only FAIR! *SPIT*
Carter 2.0 this time with Altimerz!
At a minimum....................
I never thought I’d see this sh!t again!..............
Guess what liberal pukes?
Not only is Biden NOT going to cancel your student debt, NEXT year tuition is going WAY up!
Bidenomics: The gift that just keeps on giving.
Bidenomics: The GRIFT that just keeps on GRIFTING!.................
....but....but....gender studies, trans studies and crackheads are breaking the glass ceilings....
Carter could run again, he’s only 97.
One of my daughters is pretty liberal-she has been in academia for too long.
Even she is angry at Biden. She hates the guy.
It is fun to watch her grow up, pay taxes, and start to see the glimmer of light on the horizon.
I was thinking the same thing. But then it dawned on me...my parents saw the depression in their early years—and the 1975-82 mess when they were in their 50s.
Why would it be different for us.
The economy and country run in cycles. Some are short—other ones come round every few decades.
But yeah....this sucks.
My nat gas bill is on a “budget” plan. I take my annual bill and divide it by 12 and pay that going forward. This past month they “broke” that rule...and my heating bill went up more than $50 a month—so that is a $600 rise for the year. That is a 29% increase.
Seem to go together, don’t they ?
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