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Real Wage Growth Falls for the Twentieth Month as Biden Celebrates Seven-Percent Inflation
12/13/2022Ryan McMaken
The federal government’s Bureau of Labor Statistics released new price inflation data today, and according to the report, price inflation during the month decelerated slightly, coming in at the lowest year-over-year increase in 12 months. According to the BLS, Consumer Price Index (CPI) inflation rose 7.1 percent year over year during November, before seasonal adjustment. That’s the twenty-first month in a row of inflation above the Fed’s arbitrary 2 percent inflation target, and it’s twelve months in a row of price inflation above 7 percent.
Month-over-month inflation rose as well, with the CPI rising 0.1 percent from October to November. Month-over-month growth in price inflation has been positive in 29 of the last 30 months.
November’s growth rate is down from June's high of 9.1 percent, which was the highest price inflation rate since 1981. But November’s growth rate still keeps price inflation well above growth rates seen in any month during the 1990s, 2000s, or 2010s. November’s increase was the eleventh-largest increase in forty years.
https://mises.org/wire/real-wage-growth-falls-twentieth-month-biden-celebrates-seven-percent-inflation
