Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday. The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.
Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period. Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8%, respectively. Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.
This isn't a transitory problem and contrary to what some at the New York Times will attempt to suggest, inflation is not a good thing. Even when it happens under a Democrat. This is becomes a very real problem. Fuel prices up 12%, energy prices up 30%, and food prices up over 5% for that same time period.
The reality is that wages are not going up 12%, 30% or even 5% for the year, meaning people now have less disposable income than they did and they continue to see prices rise. This is what is making Americans uncomfortable.
20 comments:
It was always the some inflation.
It was never the made up leftist bs. Term of the Socialist "Transitory".
It was always the some inflation.
It was never the made up leftist bs. Term of the Socialist "Transitory".
Every dem I know is blaming it on the pandemic, regardless of actually events, data or policy.
KansasDemocrat said...
"By 2030 in the United States, we won’t have coal," Kerry told Bloomberg editor-in-chief
That includes, China, Russia and India.
"A noble goal that is achievable" Denny
Can you tell us what energy we move to ?
The difference between today and 30 years ago is when we had "stagflation" under President George HW Bush.
This economy has been creating jobs by the hundreds of thousands a month, and again the wage increases are helping people to afford higher gasoline prices and goods and services. Not quite enough but!
So it's not as bad as it was when Bill Clinton was elected President and during his presidency, inflation rates dropped to almost zero percent and again and again they created 21 million jobs reduced the deficit to almost zero.
The Democratic candidates have to keep reminding them that a record economic recovery in history has taken place under Sleepy Joe Biden and the Democrats controlled legislatures.
And remind them that when George W Bush took office, when he left office the economy was in the middle of the worst economic crisis since the Great Depression and again that President Obama lead the longest economic recovery in history.
A positive message is the best way to counter the Republican's message of hatred and divisiveness.
I hope they follow that path forward.
Roger is a fucktard.
Congratulations, your money market account lost 6.2% in October.
Historically speaking I am absolutely correct.
Liar Roger.
Jobs are not being created, people are manning thier old jobs.
We have taught you this many times.
You are ?
Show us that stagflation took place during 1991 ?
Rittonhouse Trial: The judge is given the prosecution a hard time. Who deserved it since he was violating the Miranda rule buy association Rittonhouse's post arrest silence with guilt.
It's a difficult time.
The Fed, which is charged with keeping prices stable, is also limited in how it can fix holes in the economy. Powell said last week that “our tools cannot ease supply constraints.”
Biden will visit the Port of Baltimore on Wednesday to tout the administration’s effort to ease warped supply chains. On Tuesday, the Biden administration announced a new plan to expand the capacity of U.S. ports and inland waterways. Most of the new activity involves $17 billion in ports funding included in the bipartisan infrastructure legislation that Congress approved last week. But the administration plans within the next 45 days to award $243 million in new port and marine infrastructure grants, according to senior administration officials.
Indeed, there are signs of economic strength encouraging policymakers, economists and workers alike. The nation added 531,000 jobs in October, and the Labor Department has revised the disappointing jobs reports from August and September to show more significant gains. The unemployment rate has ticked down to 4.6 percent. Coronavirus cases have dropped in recent weeks, helping restore confidence for businesses and consumers. Major U.S. stock indexes have also soared to record levels.
Given those data points, Federal Reserve officials are starting to unwind the pandemic-era stimulus by scaling back, or “tapering,” the vast asset-purchase program each month. The Fed has said it could tweak the pace of the taper depending on how the economy progresses. But Powell declined to explain what those criteria would be during a news conference last week.
Swonk said it’s likely such broad-based price increases will continue in the months to come. That could spur the Fed to draw down its asset purchases more quickly.
“This is going to get worse before it gets better,” she said.
Powell said it was “within the realm of possibility” that the economy could reach maximum employment by the second half of 2022, and the markets are predicting a rate hike next year.
If the unemployment rate drops to a historical low rate, the Democrats will likely prevail. Especially if the infrastructure jobs reduces the income disparity between the top one percent, inflation may decrease sufficiently enough for the voters in the middle class to vote Democratic.
Prices climbed 6.2 percent in October compared with last year, the largest increase in 30 years, as inflation strains economy
https://www.washingtonpost.com/business/2021/11/10/cpi-inflation-october/
How assinine, Roger comparing this to HWB instead of Carter.
We know, it started on Jan. , 2021 when Biden seized the White House.
This is going to get worse before it gets better,” she said.
Powell
Biden will fire Powell.
Show us that stagflation took place during 1991 ?
Roger is confused, a lot.
It was Carter,,, , Not H Bush.
My use of stagflation was not correct..but.
The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession included the resignation of Canadian prime minister Brian Mulroney, reduction of active companies by 15% and unemployment up to nearly 20% in Finland, civil disturbances in the United Kingdom and the growth of discount stores in the United States and beyond. The recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incumbent president George H. W. Bush.
Bill Clinton created 21 million jobs and again reduced the deficit to almost zero percent, until George W Bush administration cut taxes and again as a result he created the worst economic crisis since The Great Depression of the 1930s.
The Democrats have to take an optimistic approach, in order to stay in power.
No but
"My use of stagflation was not correct"
Wait , I challenged you, you then said
Roger AmickNovember 10, 2021 at 11:54 AM
Historically speaking I am absolutely correct"
No you are not, you are a Fucktard.
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