Posted on 11/13/2024 7:14:28 AM PST by ChicagoConservative27
Consumer prices rose 0.2 percent in October and 2.6 percent over the previous 12 months as inflation slowly but surely returns to pre-pandemic norms, according to new Labor Department data released Wednesday.
Economists surveyed by the Wall Street Journal had expected the consumer price index (CPI) to rise 0.2 percent last month and 2.4 percent over the past year. Core CPI, which excludes more volatile food and energy prices, rose 0.3 percent last month.
The shelter index accounted for more than half of then overall monthly increase, rising 0.4 percent in October, according to the Labor Department. Shelter prices were up 4.9 percent year-over-year.
Pandemic-era federal stimulus and the roaring economic rebound sent prices skyrocketing as suppliers struggled to meet demand, pushing the CPI to its peak of 9.1 percent in June 2022.
While the Federal Reserve is not ready to declare victory over inflation just yet, the central bank started cutting interest rates in September after hiking them to a two-decade high to try to bring down inflation
(Excerpt) Read more at thehill.com ...
“Pandemic-era federal stimulus and the roaring economic rebound sent prices skyrocketing...”
Roaring economic rebound?? The gaslighting never stops with these idiots. Skyrocketing prices were caused by Biden’s policies and out-of-control government spending.
Out of control government spending has been going on for quite a while. It didn’t start with Joe Biden. He certainly added to it though. In fact, in the last eight years, we have added probably close to $16 trillion in new debt.
What the heck went on with eggs in the last 2 weeks? $10 for a box of 60 (bad enough, should be less than $7) on Nov 1, $17 yesterday!
This kind of "news" really pisses me off. There are so many different inflation indexes now you have to be careful which one the MSM uses. Conveniently, the Consumer Price Index (CPI) now does NOT include the cost of distillate fuels or food prices. This is just pure BS designed to be deceptive.
Sooo, did Buden solve inflation without going after the greedy corporations for “price gouging?” We were recently told that this was the solution. Somebody make it make sense. Actually, it just doesn’t. It never has.
“$10 for a box of 60...”
I think $2.00 per dozen is a LOW price!
Fed tells us they beat inflation. 10-year bond tells us differently. Recent upward tick to 4.43%.
Exactly. The worst policy was made by Executive Order within hours of his inauguration when he killed the Keystone Pipeline, which immediately laid off 11,000 workers. He followed up with closing federal lands and offshore sites to oil exploration and drilling. The cost of diesel fuel used by farmers to plow, maintain, fertilize, and harvest crops more than doubled, as did the cost to transport those crops to food processors, as did their costs to move the products to market. His "Green Policies" may have kept AOC and her lunatics happy, but the American consumer paid the price.
Similar to how gas prices have been here in the southeast, just before Biden, I was getting a box of 60 in SC and VA for between $5-6. It’s been between $7-10 since with a spike to $13 during the middle of the lockdowns. $17 now is the worst I’ve ever seen it.
Keep telling yourselves that...
Go to the grocery store... I know those prices aren’t included in these numbers, but every visit things are up another few percentage points, EVERY SINGLE VISIT.
Nor does “core” inflation.
“Pandemic-era federal stimulus and the roaring economic rebound sent prices skyrocketing as suppliers struggled to meet demand, pushing the CPI to its peak of 9.1 percent in June 2022.”
Uh, no.
The CPI rose. There is zero evidence the claimed cause was why.
From 2008-2021 the Fed pumped enormous amounts of money into the system via QE. There was no inflation spike. That’s 13 years of trillions of QE, and no inflation.
The deficit ran well under 5% ratio to GDP through the 70s and there was Godawful inflation. It ran well over 5% of GDP 2009-2012 and nope, no inflation.
Inflation’s cause. Economics academe will tell you they know. As I just pointed out, they do not. Not deficit. Not money printing.
Inflation happens because sellers are less urgent than buyers. If you capped prices by law, it is the pretty much standard declaration that this means there will be scarcity. Producers won’t produce if they can’t raise prices.
Really? Suppose you deployed the military to their factory and told them . . . produce or die. They’ll produce.
Economics is not a science. It’s all made up crap. Money is a substance that is created whimsically from nothingness by central banks. How could anyone think a substance created from nothingness has to obey any laws of the universe?
The roaring economy added to it but yes, there were the larger other factors you mentioned. This has been Dem policy for decades, see Carter. Clinton was contained only after 2 years of leftism by taking congress away from him.
This has been a great economy for half of America, not good for the other half. This is nothing new. The secret has always been to not vegetate in labor market but to move up the economic scale by way of targeted self-education beyond the commie schools, and good planning, not keeping up with Jones, biding your time and passing the Jones later.
Yep. Gives a more accurate depiction of what we are experiencing.
Yep. See post 11.
The Democrat sHill is Lying Leftist Democrat Neocon Propaganda
ALL OF THE TIME
BS. Carter was run out of office for high inflation. Calculate today’s inflation using the same factors as Carter’s inflation.
Yes! We need consistent formulas for calculating inflation and unemployment. They change methods so that things look good. Not helpful.
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