Posted on 09/10/2023 11:50:34 PM PDT by RomanSoldier19
Oil's upward price movement is making the Federal Reserve’s path toward a 2% inflation target more difficult.
The crude market's rise is likely to have lifted overall inflation last month. And while core inflation — which strips out food and energy costs — has been on a downward trend, economists worry that higher energy prices could increase input costs for goods and services, leading companies to raise prices on everything from airfares to furniture.
"I’d say the rise in oil prices since late June/early July has clearly put upward pressure on gasoline prices and will lead to a large boost in the August headline CPI [Consumer Price Index]," Omair Sharif, president of Inflation Insights, tells Yahoo Finance.
He added, “You may see higher fuel surcharges seep into higher prices for food, for food services, and a variety of goods that are moved by truck — for example furniture, appliances. You can also see higher jet fuel costs make their way into higher airfares."
August's Consumer Price Index report, slated for release Wednesday, is expected to show prices increased 0.5% from the prior month, an acceleration from July's 0.2%. Year-over-year inflation is expected to jump 3.6% versus 3.2% in July.
(Excerpt) Read more at msn.com ...
“core inflation” ...an apparently meaningless concept invented to allow politicians to deny meaningful, damaging inflation.
Democraps LOVE Big Oil. They claim not to but every time they get into office Big Oil has record profits.
Just exclude food and energy costs from the big picture…and things are hunky dory. 🤣
(exclude food and energy costs)
Yep to hide the real economic disaster of the Joe Biden Administration
And to try and not adjust Social Security accordingly
The Democrats have to play games with the numbers to try and hide the disaster
1. Conduct the biggest war on energy ever (Cancel ANWR leases, auction wind rights in GOM but almost no takers, force the shut down of fossil plants everywhere, force auto makers to stop making ICE cars in a few years, pretend wind and solar will work at utility scale)
2. Cave to the climate kook demands
3. Energy prices soar
4. Scratch head about persistently high inflation
“And while core inflation — which strips out food and energy costs”
Food [it’s a form of energy and takes energy to produce] and fuel/energy are about all I buy on a daily/weekly basis.
“Fed Fights Inflation”
By shutting down drilling permits in Alaska to drive gas and oil prices higher.
p
The Saudis reduced their production by one million bbls a day thru the end of the year and the Russians reduced their production by 300,000 bbls a day. They are the two largest oil exporters in the world.
When you reduce supply, the price per bbl goes up. The Saudis and Russians don’t lose much revenue, if at all.
I evidently flunked Economy 101. How is raising interest rates on people helping to control inflation when the real cause is fuel prices?
Bidenomics......groan.
Oil price up 30% in 3 months
When oil prices go up, EVERYTHING FRIGGIN’ GOES UP. Just a little “how things work” for the far-left turd rollers and their “gone full retard” supporters.
I never understood that.
Several months after Biden took office/started his war on energy, someone told the folks who run the oil refineries to produce more gasoline and less diesel, to bring the price of gas down a fraction. That’s when the price of diesel went sky high and the roots of inflation dug deep into our economy. The Federal Reserve should have brought this to someone’s attention, before they started raising interest rates to make things worse.
.
The Crown Prince is helping America by assuring the failure of Bidenomics
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