Author Topic: Inflation hits 6-year high, wiping out wage gains for the average American  (Read 3136 times)

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Offline Suppressed

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Inflation hits 6-year high, wiping out wage gains for the average American
Heather Long; Washington Post
July 13, 2018  1:05 pm



Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday.

The 2.9 percent inflation for the 12-month period ending in June is a sign of a growing economy, but it's also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.

The cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.

[...]

http://www.chicagotribune.com/business/ct-biz-inflation-rates-20180713-story.html
« Last Edit: July 16, 2018, 02:36:28 am by Suppressed »
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Offline Smokin Joe

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Oh, now they are factoring in fuel prices. Seems it wasn't so long ago that the 'volatile energy sector prices' were left out (Back when gas was only $5/gallon) and inflation was near zero....
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Offline RoosGirl

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We're looking at putting a metal garage on property and the contractor that I talked to last week told me that metal building prices have gone up about 15 - 20% in the last 6 weeks. 

Offline edpc

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The JIT nature of supply in our economy makes energy costs a significant portion of cost.
I disagree.  Circle gets the square.

Offline Smokin Joe

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The JIT nature of supply in our economy makes energy costs a significant portion of cost.
They always have been, but when some people are in office, they aren't factored in. Funny how that works.

Gasoline went from under two bucks to five under Obama, and energy costs were ignored. I guess it helps to have fleets of unicorns to do the heavy hauling.....
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline endicom

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The JIT nature of supply in our economy makes energy costs a significant portion of cost.


Demand is growing worldwide. Venezuelan supply has dropped. Sanctions on Iran will take a toll. At least Libya is supposed to be getting back into the game.

 

Online DB

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They've been cooking the inflation numbers for a long time (decades). You can't print endless money and not devalue it. Natural economic forces can only be bent for a limited time before the consequences come due with a vengeance.

Offline Frank Cannon

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We're looking at putting a metal garage on property and the contractor that I talked to last week told me that metal building prices have gone up about 15 - 20% in the last 6 weeks.

Looks like your dithering on the project has cost you a whole lot.

BTW steel prices now are still significantly lower than they were in 2013.

Offline RoosGirl

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Looks like your dithering on the project has cost you a whole lot.

BTW steel prices now are still significantly lower than they were in 2013.

Oh, good.  Glad we didn't build it 6 years ago then.

Offline edpc

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They always have been, but when some people are in office, they aren't factored in. Funny how that works.

Gasoline went from under two bucks to five under Obama, and energy costs were ignored. I guess it helps to have fleets of unicorns to do the heavy hauling.....


Yes, but it went back down under $2 when the Saudis flooded the market a couple years back.  It was artificially low.  The price of oil per barrel is probably about where it should be, given growth/demand.  If we can make the proper upgrades to our refineries, it'll come back down.  Right now, they're set up to process more heavy crude from overseas.  Our domestic oil has a different chemical makeup.
« Last Edit: July 16, 2018, 03:24:25 am by edpc »
I disagree.  Circle gets the square.

Online roamer_1

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We're looking at putting a metal garage on property and the contractor that I talked to last week told me that metal building prices have gone up about 15 - 20% in the last 6 weeks.

Book it in the winter... At least around here, building supplies cost half as much off season... 1/2 plywood, as an example, is somewhere between $15 and $20 a sheet right now... Come Turkey day or so, it'll hardly be $12 bucks, maybe even $8.

Online roamer_1

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They've been cooking the inflation numbers for a long time (decades). You can't print endless money and not devalue it. Natural economic forces can only be bent for a limited time before the consequences come due with a vengeance.

Yeah... Can't have anything to do with the latest $3T they just farted into existence....

Offline Suppressed

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They've been cooking the inflation numbers for a long time (decades). You can't print endless money and not devalue it. Natural economic forces can only be bent for a limited time before the consequences come due with a vengeance.

The BLM report cited still includes the breakdowns with and without energy, just like historically has.  But yes, fake money is worthless.
« Last Edit: July 16, 2018, 06:21:46 am by Suppressed »
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Online Weird Tolkienish Figure

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My theory is that labor shortages actually cause inflation, recession is most likely to follow.

Energy prices are highly influential as well.
« Last Edit: July 16, 2018, 09:43:53 am by Weird Tolkienish Figure »

Offline Smokin Joe

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Yes, but it went back down under $2 when the Saudis flooded the market a couple years back.  It was artificially low.  The price of oil per barrel is probably about where it should be, given growth/demand.  If we can make the proper upgrades to our refineries, it'll come back down.  Right now, they're set up to process more heavy crude from overseas.  Our domestic oil has a different chemical makeup.
If you are thinking high sulfur Venezuelan crude, maybe so, but the Canadian crude is low gravity also.



We get more imported oil from Canada than anywhere else.  The Saudis were trying to shut down the Bakken and other unconventional plays by lowering the price. It did slow things down a little, but all that did was increase the push for efficiency, and the Saudis could not continue to sustain their  revenue losses in the face of losing the reserve capacity to affect price. They ultimately hurt themselves. Note, too, that no sooner did the price drop, many jurisdictions sought to increase taxes, which are 10% or more of gasoline prices at the pump most places.
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline RoosGirl

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Book it in the winter... At least around here, building supplies cost half as much off season... 1/2 plywood, as an example, is somewhere between $15 and $20 a sheet right now... Come Turkey day or so, it'll hardly be $12 bucks, maybe even $8.

Winter was outlawed in Florida a long time ago.

Online roamer_1

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Winter was outlawed in Florida a long time ago.

Mores the pity...

Offline Applewood

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Not too worry, folks.  Trump's tariffs and his trade wars will fix this.   *****rollingeyes*****

Online Hoodat

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So after 8 years of lying about zero inflation, the Labor Dept suddenly wants to come clean now that there's a Republican in the White House?  As if adding $11 trillion to the money supply over the past 9 years had no effect on the value of money.
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Offline InHeavenThereIsNoBeer

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Oh, now they are factoring in fuel prices. Seems it wasn't so long ago that the 'volatile energy sector prices' were left out (Back when gas was only $5/gallon) and inflation was near zero....

Be careful not to confuse the official numbers with the writings of some chick at WaPo.
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They've been cooking the inflation numbers for a long time (decades). You can't print endless money and not devalue it. Natural economic forces can only be bent for a limited time before the consequences come due with a vengeance.

Absolutely correct!   888high58888
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Offline Smokin Joe

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Be careful not to confuse the official numbers with the writings of some chick at WaPo.
Actually, I tend to give both roughly equal weight. Prevarication is endemic in DC.
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Online goatprairie

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My rule of thumb concerning lib "journalists" is that are never to be believed on the surface. All their stories/info have to be checked out and verified.
It's not only lies they might tell, it's also their half truths. Libs are masters at telling one half of a story.

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