Posted on 06/10/2022 2:26:15 PM PDT by BenLurkin
The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April.
core prices, which exclude more volatile measurements of food and energy, climbed 6% from the previous year, also more than Refinitiv expected. Core prices also rose 0.6% on a monthly basis, suggesting that underlying inflationary pressures remain strong.
Price increases were widespread: Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year. Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April. In all, fuel prices jumped 16.9% in May on a monthly basis, pushing the one-year increase to a stunning 106.7%.
In another worrisome sign, shelter costs – which account for roughly one-third of the CPI – accelerated in May, climbing 0.6%. It marked the fastest one-month gain since 2004. On an annual basis, shelter costs have climbed 5.5%, the fastest since February 1991.
(Excerpt) Read more at foxbusiness.com ...
Jimmy the peanut brain Carter approves 🤪
Be careful Fox. “pushing the one-year increase to a stunning 106.7%.” That’s basically what the real inflation rate is on everything except stuff like TVs and cheap chicom junk.
Dems own the government, but of course on DU about 80% of them are saying you can’t blame leftist policy. There’s some that are meekly saying this is real bad news.
Based on the methodology which was used prior to 1980 we are running at around 16% or so, which seems more reasonable.
http://www.shadowstats.com/alternate_data/inflation-charts
To quote Rick Santelli, It’s Energy, energy, energy!
The Wall Street Journal has an interesting and accurate take on Why Energy Companies Won’t Produce
President Biden has urged oil and natural-gas companies to ramp up production, and you’d think, given the current high prices, that it would be in their interest to do so. But the industry has been slow to respond, with some justification. Companies expect that as soon as the current turmoil subsides, the Biden administration will shift back to hostile rhetoric, anti-energy legislative proposals, and oppositional regulatory policies.
Last September, 20 House Democrats introduced the Fossil Free Finance Act, which would require the Federal Reserve Bank to take steps to stop banks from investing in fossil-fuel production. The bill’s goal was “no financing of new or expanded fossil fuel projects after 2022,” the Naderite group Public Citizen noted approvingly.
Then there’s the harping about excessive profits, which led Sen. Elizabeth Warren to propose a new tax. “The oil companies need to understand that the benefits of price gouging will be sharply undercut by a tax that’s not across the board, but instead is a tax on how their profits increase during this short-term crisis,” she declaimed.
There was a time when most people understood that if you want less of something, tax it, and if you want more, subsidize it. Even though Democrats’ more radical legislation is unlikely to pass, the message to participants in the highly regulated financial markets is clear: We want to see less, not more, capital flowing to domestic oil and gas production.
Build back butter...
It’s melting, it’s melting...
Deep State approves
This simply cannot be true. Just the other night, Biden assured America that we’re experiencing the best economic times for decades. I believe he repeated the claim three times, so you know it’s a fact.
/s
The inflation rate for most foods is above 10%. Gas is up 100%. And the overall inflation rate is 8.6%. Comon. Oh, I forgot. Rutabagas are down 300% and turnips are down 100%. Now I see.
democrats plan to fight it by throwing people in jail over jan 6 and by having Trump arrested.
The problem is this is not 1970s America where people had common sense and understood the basics of logic. There will be tons of people still supporting this monster while they go broke trying to feed their kids.
(CNS News.com) -- During a campaign stop on Nov. 2, 2020, then-President Donald Trump touted the low gasoline prices of the time and warned that if Joe Biden became president, Americans would end up paying $7, $8, even $9 a gallon.
Trump also said that, in response to those high gas prices, the Biden administration would tell people to get rid of their cars.
"It's an incredible thing that's happened over the last few years, a lot of great things," said Trump. "And you’re paying, what, $2 a gallon for your gasoline? That’s okay."
Trump in 2020: 'If Biden' Becomes President, You'll Pay $7 For a Gallon of Gas By Michael W. Chapman | March 8, 2022 | 1:53pm EST
(CNS News.com) -- During a campaign stop on Nov. 2, 2020, then-President Donald Trump touted the low gasoline prices of the time and warned that if Joe Biden became president, Americans would end up paying $7, $8, even $9 a gallon.
Trump also said that, in response to those high gas prices, the Biden administration would tell people to get rid of their cars.
Their administration would then tell people to get rid of their cars.
"It's an incredible thing that's happened over the last few years, a lot of great things," said Trump. "And you’re paying, what, $2 a gallon for your gasoline? That’s okay."
BS! Gas prices are $0.10 away from tripling since the (stolen) election in south Texas, and food is up at least 50% in that time. Those figures are bald-faced lies.
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