The Bureau of Labor Department released the consumer prices (CPI) rose 0.2% in August, while core inflation exceeded expectations at 0.3%.
Economist E.J. Antoni warned that “Translation: prices have never been higher,” as Americans’ purchasing power continues to shrink under the weight of costs that continue to rise.
Core inflation, which excludes food and energy, rose l.3%.
Despite nominal wage increases, purchasing power has significantly diminished. Antoni tweeted, “The average weekly paycheck for American families has never been higher—but it buys less than the smaller paycheck of Jan ’21,” emphasizing the “hourly inflation tax.”
The CPI report claims a 22.6% rise in homeownership costs since January 2021, but Antoni stressed this figure is grossly understated, adding, “Real-world data shows these costs have actually doubled.”
August’s Consumer Price Index (CPI) report from the Labor Department signals that inflation is far from under control.
The CPI rose by 0.2%, aligning with projections, while the annual inflation rate ticked down to 2.5%, its lowest level since early 2021. However, core inflation—which excludes volatile food and energy prices—rose by 0.3%, surpassing the expected 0.2%.
Wages have not kept up.
Housing costs, a major inflation driver, remain severely understated by the CPI. The report indicated a 22.6% rise in homeownership costs since January 2021, but Antoni slammed this figure as misleading.
“Real-world data shows that costs have actually doubled,” when including interest rates and prices.
“The monthly mortgage payment on a median price home has more than doubled since Jan ’21,” Antoni tweeted, exposing the wide gap between government data and the real financial impact on homeowners.
Aug annual change in CPI 2.5%, Core 3.2%
“Inflation is down!”
Translation: prices have never been higher: pic.twitter.com/U3b7uRqSBJ— E.J. Antoni, Ph.D. (@RealEJAntoni) September 11, 2024
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