U.S. Inflation Rate Soars to 8.6%, Highest in 41 Years

[mystery-ak]

U.S. Inflation Rate Soars to 8.6%, Highest in 41 Years

John Carney 10 Jun 2022

Prices faced by U.S. consumers rose 8.6 percent in May, defying expectations that inflation had peaked in March and indicating that the Federal Reserve’s task of bringing it back under control will be more challenging than officials anticipated.

Compared with April, prices rose one percent.

Inflation hit a four-decade high of 8.557 percent in March and moved down to 8.3 percent in April. Economists had expected inflation to tick down to 8.2 percent in May.

This is the twelfth straight month of inflation above 5 percent.

Excluding food and energy, prices were up six percent compared with a year ago, more than the 5.9 percent anticipated. On the month, prices rose 0.6 percent, matching last month’s gain and beating the expectation for a slowdown to 0.5 percent.

more
https://www.breitbart.com/economy/2022/06/10/u-s-inflation-rate-soars-to-8-6-highest-in-40-years/

[mountaineer]

#FJB

[240B]

https://www.youtube.com/watch?v=kYyCJmJcq5w

[mountaineer]

Bloomberg Markets
@markets
JUST IN: US stock futures drop after inflation unexpectedly accelerates to 40-year high

8:35 AM · Jun 10, 2022·

Story

[mountaineer]

Tweeted by @zerohedge

[mountaineer]

Your July 4 barbecue, Bidenflation style.

[mystery-ak]

https://twitter.com/TPostMillennial/status/1535321238389903360

[Kamaji]

https://twitter.com/TPostMillennial/status/1535321238389903360

What a liar.  A bald-faced liar.

[mystery-ak]

https://twitter.com/RNCResearch/status/1535322117981491200

[Wingnut]

Man we all will be on the Dave Ramsey Diet soon.  Beans and rice, rice and beans!

[mystery-ak]

https://twitter.com/RubinReport/status/1535328117522407425

[Wingnut]

https://twitter.com/RubinReport/status/1535328117522407425

The collective IQ of the nation just dropped after listening to that.

[libertybele]

8.6%??? I would bet that inflation is much higher than that (at least that's what my wallet and budget is telling me).

[mountaineer]

8.6%??? I would bet that inflation is much higher than that (at least that's what my wallet and budget is telling me).

I can go in the grocery store and see how much frequently-purchased items have gone up. Produce, across the board, is at least 20% higher than last year.  Meat is easily at least 25% higher. Gasoline is 150% higher than 2020 (yes, I buy gasoline at the grocery store. Thank goodness for the fuel points I earn). Milk is 33% higher, unless Kroger is running a special. Eggs are at least 33% higher.

At this point, I'd almost love it if the prices of the things I have to buy had gone up only 8.6%

[mountaineer]

Tom Elliott
@tomselliott
BREAKING: U.S. annualized inflation just peaked 17 percent for the first time since WW2, the highest rate in 75 years. The media are misreporting the real data, and I’ll explain why. 

Inflation is properly defined as an expansion of the money supply. However in the 20th century, the federal government began a series of steps to expand the money supply to facilitate more expansive federal spending (removing the gold standard, removing the gold peg, suppressing interest rates as "stimulus," printing money directly into the Treasury, etc.). All of these are inflationary, and prices rose far more in the 20th century vs. the largely deflationary 19th century.

To cover their tracks, the Fed changed its definition of inflation from meaning an expansion in the money supply to mean rising prices. (Again, previously, the terms were basically synonymous as an expanding money supply ALWAYS means higher prices.)

The CPI as originally conceived was intended to track the cost of maintaining a constant standard of living. In 1980, the Fed altered its tool for calculating inflation such that it was no longer measuring a constant "basket of goods" but rather a "quasi-substitution-based basket of goods"; now, via "hedonics," the Fed would, for example, use tech improvements to offset rising prices (i.e., if a computer is 25 percent faster than the year prior but the price remained the same, the Fed claimed a 25 percent price drop in generalized computing power, which enabled them to suppress headline CPI numbers on net).

In 1990, the Fed again evolved the CPI so that these tricks for downplaying "official" inflation were exacerbated.  ...

Thankfully consistent data is available via ShadowStats, where economist John Williams updates inflation data using the Fed's original CPI calculator. Most of the data is behind a paywall, but you can still see how the official Fed data is now slightly less than half of what it would be if it were still using the CPI tool used up until 1980. The first percentages are the official CPI numbers; the percentages on the right are inflation using the original measuring stick. As you can see, this year the real inflation numbers  are slightly more than 2x the official numbers. ...

Read entire Twitter thread at:

https://twitter.com/tomselliott/status/1535269226709241861

[catfish1957]

Read entire Twitter thread at:

https://twitter.com/tomselliott/status/1535269226709241861

Thanks..  Great find.

I have been contending here for some time that the real inflation rate is somewhere between 15-20%.

Even as far back as the first of they year, I reported that when I do my painstaking accuate budget for every year, even back at Jan 1, my expected expenditures had gone up 14.3 % Jan 1 2022, versus Jan 1, 2021.

If we descend into a stagflationized recession,  I expect 2 year in that at least 50% (median and mean) of households will be at or below the poverty level.

[Right_in_Virginia]

"The fake news really doesn’t want you to see this…"  (Video)

https://mobile.twitter.com/Adaliabcomcast1/status/1535316116091899906

[Hoodat]

Your July 4 barbecue, Bidenflation style.

Are those ramen noodles?

[mountaineer]

Are those ramen noodles?

Yes, along with baloney and Vienna sausages. 

[Hoodat]

Yes, along with baloney and Vienna sausages. 

Eating fried bologna was definitely a low point in my life.