Professor Campbell Harvey of Duke University believes inflation is here to stay and may top 4% this year alone. We haven’t had inflation for thirty years, but it’s back.
Last month the consumer price index jumped 5%.
🚨🚨 Inflation just jumped to 5%—more than experts expected and the most since 2008.
Car prices soaring.
Housing prices soaring.
Consumer prices soaring.This is Biden economics.
— Steve Scalise (@SteveScalise) June 10, 2021
The Consumer Price Index (CPI) has jumped 5% just in the past year. This is the biggest increase in inflation since the summer of 2008, Main St Press reports.
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Meanwhile, the Personal Consumption Expenditures price index went up the most since 1992 in the past year. This index is maintained by the Federal Reserve as their way of measuring inflation and is considered even more reliable than the CPI by some.
In terms of the CPI, rises in several specific products are part of why it’s going up so much; this especially includes wood, gas, copper, semiconductors, home appliances, steel and houses. That’s basically all those things you need to use your computer, have energy, and live in a house.
The stimulus was a short-term fix and left us with a worse problem – serious debt and deficits.
UP UP UP
The Labor Department said Thursday that the consumer price index in May rose 5% year over year, hotter than the 4.7% increase that was anticipated. The reading was above last month’s 4.2% print, Fox Business reports.
Prices jumped 0.6% month over month, quicker than the 0.4% increase that was expected by analysts surveyed by Refinitiv.
Used car and truck prices surged 7.3%, accounting for about one-third of the index’s gain. Food prices, meanwhile, rose 0.4% matching April’s increase. Energy prices were unchanged from April as a decline in gasoline prices was offset by an increase in natural gas and electricity costs.
Core CPI, which excludes food and energy, in May, rose 3.8% annually, the most since June 1992. Core prices increased 0.7% month over month, outpacing the 0.4% increase that was expected. The index rose 0.9% in April.
JUST IN – US core CPI soars to 3.8% YoY, a level of inflation not seen since 1992. Headline CPI just hit 5.0% YoY, the highest level since August 2008. pic.twitter.com/bY8f1wGZ7a
— Disclose.tv 🚨 (@disclosetv) June 10, 2021
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