Anyone who believes any fedgov numbers these days is an idiot. Or a Democrat. (Oops redundant there.)
A. The number was higher than expected, hence the sell-off in bond and stocks.
B. It’s amusing to see the selectivity of people’s perceptions of economic statistics. A number that confirms the reader’s bias is hailed while a number that doesn’t is rigged.
Overall prices up 17.9%
Food up 20.8%
Energy Services (electricity and gas utilities) up 28.8%
Rent up 19.5%
And those are the most conservative numbers!
Maybe if the inflation rate actually went down somebody might have surmised that this was an election year. It would have been helpful if Biden could have done this about 3 years ago.