Keep in mind that the CPI doesn't account for energy, food, and housing price inflation. Not that those things are essential for living or anything like that.
IMHO, the “official” low inflation means the Federal Reserve can lean more towards lowering interest rates, or at least slow up on raising them. Same for not lowering their balance sheet as much.
Inflation is compounding. The 400 pound man didn’t gain any weight this month...
I like how the put this out up 3.3% from a year ago. They fail to mention how the 3.3% is additive.
Beef, butter, cars, housing
To be revised upwards in a few weeks.
I’s amazing to me that the CPI doesn’t account for some of the very most important things in the cost of living. No wonder they always seem to be on the wrong side of the fence.
look at the breakout - Services, rent, and shelter inflation all above 5% for May. Low energy prices averaged things out and were the predominant reason for the stable total cpi number, but that’s because Biden is dumping our oil reserves on the open market to manipulate the prices down. The MSM will spin this but in reality we are still significantly above 2% targets and costs are compounding.
Yeah, I was going to say food prices up 3% in a year, in what universe? Wife wanted me to pick up some avocado oil today, it was up 10% from last month. Same with maple syrup, up 20% compared to about 4 months ago.
I’m not sure what a consumer price index is, but I do know that many grocery items I buy have gone up 30-50% since Biden became president. A few items have remained the same; a very few.