http://twitchy.com/gregp-3534/2021/07/13/siren-inflation-at-the-highest-rate-since-2008/
Welp.
From the WSJ: “U.S. consumer prices rose 5.4% in June from a year ago, keeping inflation at the highest annual rate in 13 years as the economic recovery gained steam”:
The Wall Street Journal ~ U.S. consumer prices rose 5.4% in June from a year ago, keeping inflation at the highest annual rate in 13 years as the economic recovery gained steam.
http://www.wsj.com/articles/us-inflation-consumer-price-index-june-2021-11626125947?mod=e2tw
This is the “sharpest 12-month inflation spike since June 2008”:
The Associated Press ~ BREAKING: U.S. consumers faced a third straight monthly surge in prices in June. A Labor Department report showed that consumer prices in June rose 0.9% from May and 5.4% over the past year. That's the sharpest 12-month inflation spike since June 2008.
http://apnews.com/article/business-prices-consumer-prices-7c0dceffdbd50a8b1b888af5d3b922ed?utm_source=Twitter&;utm_campaign=SocialFlow&utm_medium=AP
But real earning actually dropped in June by 1.7%:
Josh Jordan ~ Consumer prices in the US rose by 5.4% in June - the highest level of inflation in 13 years.
Meanwhile real earnings *dropped* in June - real weekly earnings fell 1.4% while real hourly earnings fell by 1.7%.
And that's how inflation can really hit American workers.
“Biden inflation is here,” tweeted the official account for Senate Republicans:
Senate Republicans ~
🚨 BREAKING.
The cost of living rose in June by the largest amount since 2008.
Biden inflation is here.
Time to spin inflation as good news, right?
Joel Pollak ~ Love how the media are spinning inflation as a wonderful sign of economic progress under Biden.
The bad news, however, is that it’s not going away:
Mollie ~ The good news: Economists expect a robust post-pandemic economic recovery. The bad news: They also expect elevated inflation to remain for several years.
http://wsj.com/articles/higher-inflation-is-here-to-stay-for-years-economists-forecast-11626008400?st=qcgxl4dfxcvqmq0&;reflink=desktopwebshare_twitter via @WSJ
Here’s the breakdown from the Washington Post’s Heather Long:
Heather Long ~ Here are the items really driving up inflation:
Car rental 87.7% (y/y change)
Used cars 45.2%
Gas 45.1%
Laundry machines 29.4%
Airfare 24.6%
Moving 17.3%
Hotels 16.9%
Furniture 8.6%
Bacon 8.4%
TVs 7.6%
Fruit 7.3%
Shoes 6.5%
Fresh fish 6.4%
New cars 5.3%
Milk 5.6%
Rent (OER) 2.3%
And inflation is “not transitory if you need to buy stuff *today*,” like say a used car or a washing machine:
Paul Vigna ~ It's not transitory if you need to buy stuff *today.*
U.S. consumer prices rose 5.4% in June, keeping inflation at highest annual rate in 13 years.
Yep:
Paul R. La Monica ~ How long does something have to be consistently taking place for it to no longer be considered "transitory?" Asking for a friend. And investors. And the Fed. #CPI #inflation
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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