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Inflation declines to 6% in February in sigh of relief for economy

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mystery-ak:
Inflation declines to 6% in February in sigh of relief for economy
by Zachary Halaschak, Economics Reporter |
March 14, 2023 08:32 AM


Inflation slowed to a 6% rate in the year ending in February, the Bureau of Labor Statistics reported Tuesday, a welcome sign as the Federal Reserve prepares to meet for a monetary policy meeting.

The much-anticipated numbers from the consumer price index show that, while inflation is much too high, it is cooling in response to the Fed's aggressive interest rate hikes.

Inflation had been running at 6.4% the month before. Tuesday’s report marks seven straight months of declines in annual inflation after the rate peaked at a whopping 9.1% in June.

SVB COLLAPSE: FED’S PLAN FOR RATE HIKES FALL BY THE WAYSIDE

Prices overall grew by 0.4 percentage points between January and February (as opposed to an annual basis), according to the index, a deceleration from December to January.

Meanwhile, “core inflation,” which strips out volatile food and energy prices, was at 5.5% in the year ending in February.

The higher prices are hitting consumers hard. The rising cost of food, in particular, has been difficult for many households. The price of chicken has risen 8.8% over the last year, while dairy products have increased in price by 12.3%.

more
https://www.washingtonexaminer.com/policy/economy/inflation-declines-to-6-in-february-in-sigh-of-relief-for-economy

catfish1957:
6%?  Sigh of relief?

Even if I remotely believed this sham number.  Announcing this is akin to let's breath a sigh of relief because your cancer isn't spreading as fast as it was.

And again, to the matter of 6%....   There is massive anecdotal evidence (see mine below) that this thing is still 10+%.  Lying to us, has been the norm, and its not going anytime soon. 

I do an annual and quarterly very precise budgeting to the dollar of what constitutes a  normal, austerity, or emergency budgetary process.  We track it to the $.  2Q '22- 2Q '23 normal?  Up 11.87%. This 6% even on a short term basis, is utter bull shit.

mountaineer:
Jacki Kotkiewicz
@jackikotkiewicz
On heels of bank failures, new data shows inflation remains uncomfortably high

CPI: +6% y/y
Electricity: +12.9%
Natural Gas: +14.3%
Groceries: +10.2%
Chicken +8.8%
Milk: +8.1%
Eggs: +55.4%
Bread: +15.8%
Baby Food: +9.8%
Airline Fares: +26.5%
Real Average Hourly Wages: -1.3%
8:38 AM · Mar 14, 2023

Free Vulcan:

--- Quote from: mountaineer on March 14, 2023, 04:04:56 pm ---Jacki Kotkiewicz
@jackikotkiewicz
On heels of bank failures, new data shows inflation remains uncomfortably high

CPI: +6% y/y
Electricity: +12.9%
Natural Gas: +14.3%
Groceries: +10.2%
Chicken +8.8%
Milk: +8.1%
Eggs: +55.4%
Bread: +15.8%
Baby Food: +9.8%
Airline Fares: +26.5%
Real Average Hourly Wages: -1.3%
8:38 AM · Mar 14, 2023

--- End quote ---

Nice list. These are the core things that people buy every week, and are a far more indicative meter of the real rate of inflation for the average Joe and Jane.

mountaineer:
More perspective:

Lucas Tomlinson
@LucasFoxNews
U.S. inflation:

Jan 2021: 1.4%
Feb 1.7%
Mar 2.6%
April 4.2%
May 5.0%
June 5.4%
July 5.4%
Aug 5.3%
Sept 5.4%
Oct 6.2%
Nov 6.8%
Dec 7.0%

Jan. 2022: 7.5%
Feb 7.9%
Mar 8.5%
April 8.3%
May 8.6%
June 9.1%
July 8.5%
Aug 8.3%
Sept 8.2%
Oct 7.7%
Nov 7.1%
Dec 6.5%

Jan 2023: 6.4%
Feb 6.0%
8:48 AM · Mar 14, 2023

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