Inflation rose 9.1% in June, even more than expected, as price pressures intensify
BUMP
WHO was in the Oval Office in Dec 1981????
OBAMA-—same person holding Biden’s puppet strings.
Decades worth of personal net worth being decimated by the rise in inflation, the devaluing of the dollar, and the crippling of fixed income investments to counter it. FJB.
100% Biden and Pelosi.
It’s a little early here to start drinking, “unexpected”.
“the fastest pace for inflation going back to December 1981”
It’s worse. It’s historically bad. By today’s calculations, Carter’s numbers don’t pop as much. By the calculations of 1981, today’s numbers are... really really bad.
we have already successfully destroyed Biden on this, now it’s time to start blaming commie liberal democrats in general and not just Biden for destroying the economy.
“Unexpected” 🍻
And this is even with them pushing gas prices down for the 4th of July weekend. When did gas prices ever go down previously for the 4th of July weekend?
I suspect that when Q2 GDP growth comes out in a couple of weeks that will be worse than expected as well.
Year on Year
What is it for the last 2 years?
1981 - the Good times.
1. Nobody had a phone in their pocket.
2. Cash registers didn’t figure out change for you.
3. Cars still had bench front seats.
4. AIDS was still years away. (see number 3)
Price increases over last year (CPI report)...
Fuel Oil: +98.5%
Gasoline: +59.9%
Gas Utilities: +38.4%
Electricity: +13.7%
Food at home: +12.2%
New Cars: +11.4%
Overall CPI: +9.1%
Transportation: +8.8%
Food away from home: 7.7%
Used Cars: +7.1%
Shelter: +5.6%
Apparel: +5.2%
The REAL number is probably closer to 20%.
The Federal Reserve is almost always on the wrong side of these economic waves.
They printed too much money and kept interest rates far too low far too long.
If inflation is 9.1 y/y the interest rates need to be above this rate, usually 2-3% above the inflation rate, which would put interest rates at 11-12% if history were to hold up here.
Remember Paul Voelker once raise interest rates 500 basis points in 1 day.
Home Mortgages have already started to plummet with the modest rise in interest rates that have already happened, we will go into a straight up depression if the Federal Reserve actually does what is necessary to reign in inflation.
I finally emptied a 10 oz bottle of Heinz57 steak sauce. I was shocked to discover a replacement was $5.09. That’s crazy! I think I paid $2 for it a year or so ago.
It’s these little things that have me convinced the real inflation number is much higher that the “official” one. A dozen eggs, for one, are easily twice what they used to be.
The only commodity where I haven’t seen much inflation is in the price of alcohol. I guess they figure if we all stay drunk, we won’t notice so much how bad things have gotten.
I’m not a paid member of ShadowStats.com but I think he usually includes other things, like food..etc.
I’m guessing that number is a bit worse.
My weekly grocery bills are up 15-20%. I buy the same things every time.
This “9 percent” thing is just flat out false.
Putin! Trump! Republicans! Scream it loud enough and hopefully at least a couple voters will believe it.
unexpectedly