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Started By
Message
Inflation rises 7% over the past year, highest since 1982
Posted on 1/12/22 at 8:59 am
Posted on 1/12/22 at 8:59 am
quote:
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.
The consumer price index, a metric that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI rose 0.5%.
Economists surveyed by Dow Jones had been expecting the gauge to increase 7% on an annual basis and 0.4% from November.
The annual move was the fastest increase since June 1982.
Despite the strong gain, stock market futures rose after the news while government bond yields were mostly negative.
quote:
Excluding food and energy prices, so-called core CPI increased 5.5% year over year and 0.6% from the previous month. That compared with estimates of 5.4% and 0.5%. For core inflation, it was the largest annual growth since February 1991.
Shelter costs, which make up nearly one-third of the total rose 0.4% for the month and 4.1% for the year. That was the fastest pace since February 2007.
Used vehicle prices, which have been a major component of the inflation increase during the Covid pandemic due to supply chain constraints that have limited new vehicle production, rose another 3.5% in December, bringing the increase from a year ago to 37.3%.
Federal Reserve officials are watching the inflation data closely and are widely expected to raise interest rates this year in an effort combat increasing prices and as the jobs picture approaches full employment. Though the central bank uses the personal consumption expenditures price index as its primary inflation measure, policymakers take in a wide range of information in making decisions.
LINK
Posted on 1/12/22 at 9:00 am to RLDSC FAN
This country is so fricked.
Posted on 1/12/22 at 9:02 am to RLDSC FAN
Everyone who voted Democrat voted for this.
This post was edited on 1/12/22 at 9:02 am
Posted on 1/12/22 at 9:02 am to RLDSC FAN
Let's go Brandon! We certainly need to add a ridiculous $1 trillion + Build Back Better plan to this.
This post was edited on 1/12/22 at 9:03 am
Posted on 1/12/22 at 9:02 am to RLDSC FAN
Relax guys Brandon’s got this
Posted on 1/12/22 at 9:03 am to RLDSC FAN
Brandon will help build us back better now that his plan to defeat the virus and listen to the science has worked!
Posted on 1/12/22 at 9:03 am to RLDSC FAN
This is the kind of great news Biden voters want to hear!!!!!!!!!
Posted on 1/12/22 at 9:04 am to RLDSC FAN
Yep we are screwed. I wasn’t alive during 1982 but how were they able to deflate the inflation then? Seems like the cat is out of the bag and we won’t be seeing any deflation of current prices
Posted on 1/12/22 at 9:04 am to imjustafatkid
quote:
Everyone who voted Democrat voted for this.
Or maybe when you shut a country down for a year things don't magically return to normal for a while.
Posted on 1/12/22 at 9:04 am to imjustafatkid
quote:
Everyone who voted Democrat voted for this.
They voted for inflation and also child rape
Posted on 1/12/22 at 9:05 am to Civildawg
quote:
Yep we are screwed. I wasn’t alive during 1982 but how were they able to deflate the inflation then? Seems like the cat is out of the bag and we won’t be seeing any deflation of current prices
Very high interest rates
Posted on 1/12/22 at 9:06 am to whatiknowsofar
quote:
Or maybe when you shut a country down for a year things don't magically return to normal for a while.
Thank your local/state/federal democrats for pushing that
Posted on 1/12/22 at 9:07 am to fallguy_1978
better lock that mortgage in now
Posted on 1/12/22 at 9:08 am to RLDSC FAN
ellishughtiger, spleen, and mmmbeer support this
Posted on 1/12/22 at 9:08 am to RLDSC FAN
I believe it. A damn box at canes is $10 now
Posted on 1/12/22 at 9:12 am to Civildawg
quote:
but how were they able to deflate the inflation then? S
They imposed high enough interest rates to push the economy into a recession. That early 80s recession was an extreme bitch but after two years the US saw 6% growth.
Posted on 1/12/22 at 9:14 am to RLDSC FAN
just hand out a bunch of free money. that should fix it.
Posted on 1/12/22 at 9:14 am to Kino74
Sounds like that’s what we need but this administration is hell bent on turning us into Venezuela
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