Inflation

[George K]

9.1% announced today.

U.S. inflation reached 9.1% in June, its highest rate in nearly 41 years, the Labor Department said Wednesday.

Investor expectations of slowing economic growth world-wide have led to a decline in commodity prices in recent weeks, including for oil, copper, wheat and corn, after those prices rose sharply following the Russian invasion of Ukraine. Retailers have warned of the need to discount goods, especially apparel and home goods, that are out of sync with customer preferences as spending shifts to services and away from goods, and consumers spend down elevated savings. Economists expect those developments to subdue price pressures in the coming months.

“There’s a pretty serious recession fear affecting a broad range of asset prices,” said Laura Rosner-Warburton, senior economist at MacroPolicy Perspectives.

[Jolly]

It's higher than that, and we all know it.

[George K]

[George K]

[Jolly]

When I first started buying this dog food a little over two years ago, it was $30/bag. Then it went to $32 about a year or so ago. Then, in the last ten months or less, it went to $38. Then $42. Today, it's $50.

That ain't 9.1%.

And it's the same for meat, milk, eggs, flour. gas, diesel, car parts, etc.

[George K]

https://www.bls.gov/news.release/ppi.nr0.htm

The Producer Price Index for final demand increased 1.1 percent in June, seasonally adjusted, the
U.S. Bureau of Labor Statistics reported today. This rise followed advances of 0.9 percent in
May and 0.4 percent in April. (See table A.) On an unadjusted basis, final demand prices moved
up 11.3 percent for the 12 months ended in June, the largest increase since a record 11.6-percent
jump in March 2022.

In June, three-fourths of the advance in the index for final demand was due to a 2.4-percent rise
in prices for final demand goods. The index for final demand services increased 0.4 percent.

[LuFins Dad]

Holy crap - CNN -

(CNN)The White House has been so wrong, so often, on inflation

https://www.cnn.com/2022/07/14/politics/democrats-frustrated-biden-inflation-2022/index.html

[Jolly]

Nothing new. Dems are scared and they've come to the conclusion that The Resident is dragging them down. He's the lamest of lame ducks. So, they've decided to start criticizing him, in two-fold strategy:

1. To create some daylight between the White House and all those guys running for the House and the Senate.
2. To make sure Biden does not run in 2024, and encourage other Dems to start the process of a Presidential run (interest, organizations, vetting, money).

IMO, of course.

[Jolly]

And another thought...The new guys at CNN swear they are going to become the middle ground in news reporting. Right now, they're losing viewers, but are hoping to turn things around as their reputation improves.

I wish them well.

[Axtremus]

https://www.bls.gov/cpi/latest-numbers.htm

September 2022's CPI's headline number is +8.2%.

[Mik]

@Jolly said in Inflation:

And another thought...The new guys at CNN swear they are going to become the middle ground in news reporting. Right now, they're losing viewers, but are hoping to turn things around as their reputation improves.

I wish them well.

But I suspect it will be done selectively. They have for years built a biased organization. That will not be turned around easily.

Deep News.

[Mik]

As far as inflation, groceries are up between 25 and 50%.

[Jolly]

Vote Demonrat.

[Horace]

@Mik said in Inflation:

@Jolly said in Inflation:

And another thought...The new guys at CNN swear they are going to become the middle ground in news reporting. Right now, they're losing viewers, but are hoping to turn things around as their reputation improves.

I wish them well.

But I suspect it will be done selectively. They have for years built a biased organization. That will not be turned around easily.

Deep News.

The indoctrinated masses feel, deep in their feeliest feels, that Republicans are an existential threat. Not sure how that becomes negotiable. These people may be permanently lost and broken when it comes to political affiliation.

[Mik]

Well, I watched the Ohio US senate and house for my district debates in full. In both cases the GOP candidate won out over the opponent with facts. Both Dems stood up there and lied through their teeth.

[George K]

[George K]

Someone needs to DO something about this!

[LuFins Dad]

So we’re a year in to this with no sign of relief.

https://www.cnn.com/2022/10/13/business/fed-interest-rates-inflation-nightcap/index.html

Last year our September numbers showed a 5% -6% increase, this year it’s 8%-9%. So over 2 years it’s what? 15%-17% now that inflation is stacking on top of inflation?

[Mik]

It's transitory, they said.

Of course, transitory only means it won't stay where it was then. So it got worse.

[LuFins Dad]

@LuFins-Dad said in Inflation:

Remember the Farm Bureau’s .14 cent 4th of July?

They’re back…

https://www.fb.org/newsroom/farm-bureau-survey-shows-thanksgiving-dinner-cost-up-14

Can’t wait to see this year’s number.