I thought they shoot for a 2% a year inflation increase? This is 2.4% a year. I hope they hold off on another interest rate increase.
But gas here is at $5, including diesel. Such bilge.
Real inflation is between 12 and 17%. Still. Interest rates have to go up another 500 bps before you see the market finally getting the picture.
Right now, business are just raising prices because they can. Supermarket chains outright came out and said as much, as did airlines.
Unless and until the interest rate climbs above the inflation rate, the inflation rate will go up, not down. Shrinkflation is definitely not cranked into this number either.
Try getting a pound of coffee. Milk is now coming in less than a half gallon.