Bidenomics: 5% inflation last month, prices soar

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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%.

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.

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.


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2 COMMENTS

  1. The ChiCom agents masquerading as the Biden-Harris administration will propose een mre spending as the “solution.” The real inflation rate is alread 11% (shadow economics) and it will be 20% by the end of the year. Expect more “stimulus”money as we fallinto recession, more spending and more chaos. Get ready for the Big Crash.

  2. Grocery items go up by 25-75 cents overnight but shoppers aren’t biting.
    Meat is luxurious with a roast costing about $20. No protein for you!
    Shortages every week across every range of items and costs.
    Great deals at the closeout corner that move quickly especially the coffee.
    I did notice that they put the Starbucks in there at regular price but there was a $3 morning blend to be had!
    Gas hanging tough at just over $3. Locally is shopper’s central as a US HWY has been converted into the Stripmahal over the past 25 years so you can find a better price if you don’t mind driving.
    China Mart isn’t always the best price on anything around here and I try not to support China’s economy.

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