Posted on 08/11/2022 7:53:35 AM PDT by John W
Wholesale prices fell in July for the first time in two years as a plunge in energy prices slowed the pace of inflation, the Bureau of Labor Statistics reported Thursday.
The producer price index, which gauges the prices received for final demand products, fell 0.5% from June, the first month-over-month decrease since April 2020, the month after Covid-19 was declared a pandemic. Economists surveyed by Dow Jones had been expecting an increase of 0.2%.
On an annual basis, the index rose 9.8%, the lowest rate since October 2021. That compares with an 11.3% increase in June and the record 11.7% gain in March.
Most of the decline came from energy, which dropped 9% at the wholesale level and accounted for 80% of the total decline in goods prices, which fell 1.8%. The index for services rose 0.1%.
Stripping out food, energy and trade services, PPI increased 0.2% in July, which was less than the expected 0.4% gain. Core PPI rose 5.8% from a year ago.
(Excerpt) Read more at cnbc.com ...
So we’re still plummeting off the cliff and the ground is coming up fast, but hey - at least we aren’t rocketing toward our demise quite as fast as we were a few seconds ago. Let’s hold a press conference to gloat about it!
People stopped buying.
Economy 101 should required
Yup.
” fell 0.5% from June” and “an 11.3% increase in June”
means that inflation is still running at 10.8%
and the reality is, they don’t measure things that are showing the greatest inflation like energy products.
So just more gaslighting for people who don’t understand and don’t dig into what the numbers mean.
The grocery stores must not have received the memo
I can imagine a housewife watching the news and sees Biden say, "Inflation is at ZERO! See, I'm working for you!"
The next day she goes grocery shopping.
And at the store, everything costs more. Some things, like eggs, a lot more. She sees NO signs of any prices going down; just up.
"Where is this zero percent store they're talking about so I can shop there, instead!" she exclaims.
Which leads to the important question for November 8th--Who ya gonna believe, Biden and the news, or your own lying eyes?
Saw this coming a mile away. Inflation, energy prices and the stock market will have improvements from the worst of it prior to November. Not good, just less bad.
We will hear the media sing the praises of Democrats accomplishments and how they are “working”. We’d best not elect any of the fans of the bad, criminal orange man.
My house,which represents the bulk of my net worth,is worth a *lot* less than it was in February 2020.
And my income is about 4% higher than it was in February 2020
One month, a trend does not make.
They hope the average American thinks that this means that prices fell.
No. The quarterly rate of inflation is a rate of increase. The rate of increase, at the last number released, slowed slightly. Prices are going up. The rate of increase went down.
Gas prices went down, as they do almost every year after an initial rise in April and May. That slowed down the rate of increase.
The decrepit mouse-man claims that the rate of inflation is zero.
“Stripping out food…..” it’s all a joke. The media is so disingenuous. They are actually the enemy.
So that means it went up 8 1/2%? Rather than nine?
On an annual basis, the index rose 9.8%, the lowest rate since October 2021. That compares with an 11.3% increase in June and the record 11.7% gain in March.
—
This is akin to being in an aircraft and you’ve slowed your descent from 2,000 ft per second to 1,800 ft per second. The landing is still going to be ugly.
My ducks are laying 6-8 eggs per day. Egg-flation isn’t touching me.
But the rest hitting pretty hard.
It’s a good sign that inflation has peaked. Federal Reserve belatedly doing its job.
I predict that inflation will fall a lot over the next year, but that it will be really hard to get it down to where it is considered price stability, i.e. around 2%.
We will drop to about 5% as supply chains repair, and some of the stimulus falls out of activity, but there is enough momentum in demand that getting those last 3 pp out of the inflation data is going to require harsher interest rate medicine than most people currently expect.
What you said there is flat-out wrong. Just pure falsity and misinformation.
Per pedo pete the number for July was ZERO. Let him say it again. ZERO inflation in July. SMDH! 🤔😲😠
The Annual PPI inflation figures just like CPI, are just 12 months of monthly figures added together.
So the latest MONTHLY figure was a negative number. Prices fell in that month. But when you add 12 monthly figures up, they tot up to 9.5%, but with compounding the annual change is +9.8%.
Here are the last 12 months’ monthly change:
Aug. 21 0.9
Sept. 0.5
Oct. 0.7
Nov. 1.0
Dec. 0.6
Jan 22 1.2
Feb 1.1
Mar 1.7
Apr 0.5
May 0.8
Jun 1.0
July -0.5
SUM: 9.5
If anything should be used to compute inflation, fuel & food should be at the top of the list.
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