Consumer Prices Explode 7.5% Higher, Worst Inflation in 40 Years

[mystery-ak]

Consumer Prices Explode 7.5% Higher, Worst Inflation in 40 Years

John Carney 10 Feb 2022

U.S. consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.

The consumer price index climbed 0.6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.

Economists had expected prices to rise 0.4 percent on a monthly basis and 7.2 percent above a year ago’s prices.

more
https://www.breitbart.com/economy/2022/02/10/january-cpi/

[Hoodat]

White House:  Just another indication of how well Biden is doing with our economy.

[Wingnut]

I can't imagine how this effects families with children.  It must be a hellofa strain.   

[Hoodat]

I made the mistake of offering to fix sliders for my son yesterday.  Stopped off at the grocery store to grab some buns and meat.  I ended up paying $8 for a pound of ground beef.  Never again.  I told my son we would exclusively be eating chicken from now on.  Chicken is still decently priced (locally $3/lb for boneless breasts).  But you see substantial price increases in everything else from bread to canned goods to produce.

[rustynail]

With COLAs and rising wages everything is OK.  LGB!

[catfish1957]

Lies....Lies.....Lies.....

ACTUAL inflation is more in the 11-17% annual range, and trending higher by the week.

[Right_in_Virginia]

Chad Pergram
@ChadPergram

GOP IN Sen Braun on Fox on inflation: In the Trump economy, you had record low inflation, wages were going up the old fashioned way, without Government being the driver. We need to look probably no further than what was working there.

8:56 AM · Feb 10, 2022·Twitter Web App

[sneakypete]

There MUST be someone,somewhere,who is surprised by this.

Most likely an Economics Professor at some leftie college or university.

[catfish1957]

Note to Slow Joe Biden.....

I do  a very careful,  exacting,  and systematic  budgetary exercise EVERY January 1st.  I mean down to the Dollar.

'22 versus '21?.....  It was UP 14.09%. Don't feed us this bull shit, you lying POS!!!!!!!

[Right_in_Virginia]

Election Wizard
@ElectionWiz

Well, on the bright side, at least consumer inflation in the U.S. is not as bad as inflation in Venezuela...yet.




9:35 AM · Feb 10, 2022   Twitter Web App

[Right_in_Virginia]

Scott Adams
@ScottAdamsSays

Inflation is a stealth form of systemic racism because it hits low-income people the hardest.

The rich take a hit too, but their assets rise with inflation, they can repay their existing loans in cheaper dollars, and often they can pass along price increases to their customers.


9:31 AM · Feb 10, 2022·Twitter Web App

[Right_in_Virginia]

"Inflation soars, and not just for Food & Energy.   See the data on Rents vaulting higher. Biden crushes prosperity, especially for middle and lower income Americans…"  (Video)

https://mobile.twitter.com/CortesSteve/status/1491773814044303365

[Right_in_Virginia]

Manish Singh
@Manish_05Singh

US CPI inflation at the end of Y1 of US Presidents' first term in office

President Biden +7.5%

President Trump +2.7%
President Obama +0.2%
President Bush +3.7%
President Clinton +3.2%
President HW Bush +4.8%


9:04 AM · Feb 10, 2022·Twitter Web App

[DefiantMassRINO]

America's worst nightmare has become reality ... a 2nd Jimmy Carter administration.

[catfish1957]

Manish Singh
@Manish_05Singh

US CPI inflation at the end of Y1 of US Presidents' first term in office

President Biden +7.5%

President Trump +2.7%
President Obama +0.2% *
President Bush +3.7%
President Clinton +3.2%
President HW Bush +4.8%


9:04 AM · Feb 10, 2022·Twitter Web App

Before even remotely thinking Obama did any good.....

An  asterik has beeb added to Obama, being '09 was in the midst of the second worst financial crisis of the past 100 years.  In fact, if the idiotic government hadn't infused QE1, QE2, etc. etc., and kicked the can down the road, we would have likely saw deflationary pressures not scene since the '30's.

[catfish1957]

America's worst nightmare has become reality ... a 2nd Jimmy Carter administration.

I lived through Carter.  This is 2X worse.

[Right_in_Virginia]

The Associated Press
@AP

There are few signs that inflation will slow significantly soon. Most factors that have forced up prices since last spring remain in place: Wages are rising, and overwhelmed ports and warehouses mean many products and parts are in short supply.

(More)  https://t.co/xH9xB0k2XU

9:13 AM · Feb 10, 2022  SocialFlow

[Right_in_Virginia]

Before even remotely thinking Obama did any good.....

An  asterik has beeb added to Obama, being '09 was in the midst of the second worst financial crisis of the past 100 years.  In fact, if the idiotic government hadn't infused QE1, QE2, etc. etc., and kicked the can down the road, we would have likely saw deflationary pressures not scene since the '30's.

Thanks for this @catfish1957    ...... it didn't "feel" right.

[Right_in_Virginia]

Eric Schmitt
@Eric_Schmitt

Inflation jumps 7.5% year-over-year. Americans are paying more for just about everything under Biden:

Gas: +40%
Electricity: +10.7%
Bacon: +18.1%
Eggs: +13.1%
Furniture: +17%
Used Cars & Trucks: +40.5%
Car & Truck Rentals: +29.3%

Although crack pipes are free.


8:56 AM · Feb 10, 2022·Twitter for iPhone

[Right_in_Virginia]

[Right_in_Virginia]

[catfish1957]

lol

[dfwgator]

I lived through Carter.  This is 2X worse.

I will say this,  I had a lot of disagreements with Jimmy Carter,  but Brandon isn't worthy to shine Jimmy's shoes.

[deb]

I lived through Carter.  This is 2X worse.

At least Carter was a tolerable man.

[cato potatoe]

I would like to know who experienced 7% consumer product inflation, so I can go shopping with them.  Argentina's government finally dispensed with the smoke & mirrors, and it's time we caught up.

[Kamaji]

Election Wizard
@ElectionWiz

Well, on the bright side, at least consumer inflation in the U.S. is not as bad as inflation in Venezuela...yet.




9:35 AM · Feb 10, 2022   Twitter Web App

"Yet" is right!

[sneakypete]

Election Wizard
@ElectionWiz

Well, on the bright side, at least consumer inflation in the U.S. is not as bad as inflation in Venezuela...yet.




9:35 AM · Feb 10, 2022   Twitter Web App

@Right_in_Virginia

"We are number 7!"

"We are number 7!"

Too soon?

[catfish1957]

@Right_in_Virginia

"We are number 7!"

"We are number 7!"

Too soon?

See my post earlier.  We really are number 4.  The Bidenflation numbers are incessant lies.

[DefiantMassRINO]

I, too, survived the Jimmy Carter years ... good times:

- stagflation
- malaise
- Iranian hostage crisis
- Soviet invasion of Afghanistan
- Iranian oil embargo
- Three Mile Island nuclear accident
- failed rescue of Iranian hostages
- milk shortage (had to drink powdered milk)
- brother, Billy Carter, did business with Momar Quadafi
- SkyLab fell back to Earth
- boycott of the 1980 Moscow Summer Olympics
- Sandinistas took over Nicaragua

... Joe has done a phenominal job of snatching defeat from the jaws of victory in his first year.

[sneakypete]

"Inflation soars, and not just for Food & Energy.   See the data on Rents vaulting higher. Biden crushes prosperity, especially for middle and lower income Americans…"  (Video)

https://mobile.twitter.com/CortesSteve/status/1491773814044303365

@Right_in_Virginia

Well,that IS the plan,is it not? Create a majority class of citizens who are totally dependent on the goobermint for EVERYTHING from food,to water,to housing,then slowly take that away from them and blame "the greedy rich" in order to create the revolution they need to take total control.

There ain't a single thing new about this. Ask the people of the former USSR or the current population of Venezuela if you don't believe me.

[sneakypete]

At least Carter was a tolerable man.

@debrawiest

Compared to what?

[Kamaji]

I, too, survived the Jimmy Carter years ... good times:

- stagflation
- malaise
- Iranian hostage crisis
- Soviet invasion of Afghanistan
- Iranian oil embargo
- Three Mile Island nuclear accident
- failed rescue of Iranian hostages
- milk shortage (had to drink powdered milk)
- brother, Billy Carter, did business with Momar Quadafi
- SkyLab fell back to Earth
- boycott of the 1980 Moscow Summer Olympics
- Sandinistas took over Nicaragua

... Joe has done a phenominal job of snatching defeat from the jaws of victory in his first year.

Billy!!  Remember good old Billy Beer?

[catfish1957]

I, too, survived the Jimmy Carter years ... good times:


- SkyLab fell back to Earth

Great memories there.  I was in graduate school at the time and our dorm had a huge jungle juice parking lot party celebrating the crash.  Everyone wore hard hats with bullseye targets on top.  What a blast.

[DefiantMassRINO]

Jimmy Carter may have been a tolerable man, but what he put this country through was intolerable.

[Wingnut]

Great memories there.  I was in graduate school at the time and our dorm had a huge jungle juice parking lot party celebrating the crash.  Everyone wore hard hats with bullseye targets on top.  What a blast.

Us too!  Had a huge kegger out in the woods at our version of the Moon Tower!  It was an epic blow out!  We still talk about it. 

[Hoodat]

At least Carter was a tolerable man.

Carter was a horribly petty micromanager and a racist POS.

[Kamaji]

Jimmy Carter may have been a tolerable man, but what he put this country through was intolerable.

[catfish1957]

Us too!  Had a huge kegger out in the woods at our version of the Moon Tower!  It was an epic blow out!  We still talk about it.

Jungle Juice= every white liquor you could get your hands on (except tequila) The higher proof the better to a industrial cooler.  Add Hawaiian punch mix, water, and ice. 

Thing packed a wallop.  Good reason it was called punch.

 

[mystery-ak]

WH Economic Adviser Bernstein: ‘I Expect Inflation to Come Down Significantly in 2022’

Trent Baker 10 Feb 2022

White House Council of Economic Advisers member Jared Bernstein on Thursday predicted the 40-year high inflation rates in the United States would “come down significantly in 2022.”

Bernstein told CNN’s “At This Hour” that the economic outlook from the January consumer price index is not as “grim” as it appears.

“The president has two top economic priorities,” Bernstein outlined. “One is to make sure that we have the fastest growing economy, the tightest job market, offering great opportunities for any comers who want to come into this job market. The second is to do all we can to ameliorate these price pressures. Now, there is some light in this report under the hood. It’s not quite as grim as your reporting suggests.”

“I expect inflation to come down significantly in 2022,” he added. “Now, more to the point, that’s not just my expectation — that’s the expectation of every forecast I’ve looked at, and it’s very important. Basically, what the forecasts tell you is that the job market should stay tight and get even tighter supporting wage growth while inflation decelerates while it slows. So, virtually every forecast has inflation growing about half as fast this year as it did last year. Now half as fast still might take you above the Fed’s target, but if that occurs, that’s going to be a real sign that some of our interventions, some market interventions are helping to ease these price pressures.”

https://www.breitbart.com/clips/2022/02/10/wh-economic-adviser-bernstein-i-expect-inflation-to-come-down-significantly-in-2022/

[catfish1957]

WH Economic Adviser Bernstein: ‘I Expect Inflation to Come Down Significantly in 2022’

Every single financial indicator I am aware of highly disputes this.  Bidenflation is a runaway train, with no sign of abatement.

Furthermore, every factor he cites in his statment inflames inflation, not reduces it.  Seriously, are these people using government subsidized Crack Pipes?

[Wingnut]

Bernstein.  Wasn't this the guy who said inflation was only transitory many months ago?

I wonder if was AOC's Economics Prof.

[deb]

@debrawiest

Compared to what?

Compared to Biden. I could probably have a conversation with Carter. I would feel safe having my two granddaughters in the same room as Carter.
Biden, no way.

[deb]

Jimmy Carter may have been a tolerable man, but what he put this country through was intolerable.

True. But his incompetence brought us Ronald Reagan. 

[DefiantMassRINO]

... only if energy prices come down.

[Wingnut]

True. But his incompetence brought us Ronald Reagan. 

What will Biden's incompetence bring us?  We are all out of Reagan types.

[catfish1957]

... only if energy prices come down.

As a retiree from that industry, I can safely say that since Biden killed any incentive to increase production, the delta between supply and consumption are going to continue to widen.  That means the price of crude and NG are going to continue to increase.  I've heard doomsdayers claim it will might hit $150/BBl.  I think consumption will almost on an emergecy basis drop before we see than kind of run up.

Still, everything in our economy pivots on energy, be it fuel or product feedstock. When the 1st XL domino fell, there was no other direction this disaster could take.

[catfish1957]

What will Biden's incompetence bring us?  We are all out of Reagan types.

Agree.  I don't think fiscally responsible politicians even exist any more.

[deb]

What will Biden's incompetence bring us?  We are all out of Reagan types.

I wish I knew.

[240B]

This is another reason Biden's puppeteers are trying so desperately to get America into a war somewhere. First of all, they want the money and power it will bring them through corrupt 'emergency measures' etc. But also they want to be able to blame all of the hardships and disasters Biden has inflicted on the American people on "The War".

This is a 'time of war!' Biden is doing the best he can under the circumstances. Democrats are almost certain to start a war just for the distraction it will bring. The only reason we are not at war already is because Biden/Milley/Austin are considered to be childish jokes internationally, and Russia/Ukraine are not cooperating with them to get it started.

America will be involved in some kind of war sooner rather than later. Especially with the COVID panic losing its edge and the power to control populations.

[Kamaji]

What will Biden's incompetence bring us?  We are all out of Reagan types.

Maybe so, and maybe what we need is somebody different from Reagan.  A clone of Reagan as he was in 1976 and 1980 might not be the best fit for 2022.