U.S. Inflation Slowed for Sixth Straight Month in December - WSJ
Consumer-price index rose 6.5% last month from a year earlier
S E E D E D C O N T E N T
By Gwynn Guilford Updated Jan. 12, 2023 12:31 pm ET
U.S. inflation eased in December for the sixth straight month following a mid-2022 peak as the Federal Reserve aggressively raised interest rates and the economy showed signs of cooling.
The consumer-price index, a measurement of what consumers pay for goods and services, rose 6.5% last month from a year earlier, down from 7.1% in November and well below a 9.1% peak in June.
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More good economic news. Things are looking up!
Per BLS stats ... One dozen eggs averages:
CA and NY > $5.00/dz in January 2023
Good news, indeed!
Maybe another year or so and the 'temporary' inflation will finally return to what it was when Biden took office.
Maybe.
Remember -
First, his administration tried to claim inflation wasn't really happening.
Then they said it was "transitory."
When that didn't work, Biden and his team switched to blaming Russian President Vladimir Putin.
Biden is a joke
A joke you can laugh at. Biden's an embarrassment.
Nope, the only thing helping right now is the Feds aggressive rate increases over the last year or so.
The fact that Dems lost the house will help as well but high inflation isn’t going anywhere any day soon. Expect high prices to persist in 2023 regardless of liberal gaslighting otherwise.
The overall CPI has fallen, but in large part due to rapidly falling energy prices. Food prices have finally stabilized. Pump prices appear to have bottomed, while pipeline gas and electricity could ease more.
Increases into the summer months of the above should be expected, except for food (I hope).
Core inflation (sticky prices) seems to have flattened and is projected to remain in the same narrow band through January.
My CPI was 5.9% y/y and -0.2% m/m.
Yeehaw!!
Eggs up here in NW Wisconsin are up above $5 a dozen. Mostly because of more bird flu among the suppliers in MN, WI & IA.
That would be the total grocery basket cost has somewhat stabilized.
I agree that eggs have gone through the roof, but eggs are not the only thing I eat.
I was in Costco yesterday and they didn’t even have eggs. We found some at Walmart and they’re like $7 a dozen. It’s pretty crazy.
Where is that?
My wife got some at Aldi today. Which means it's probably the lowest cost in the area. Higher than a gallon of gas.
Southern California
Ouch, here in Northern lower Michigan we’ve been lucky and never run out of staples like that. Just bought a dozen large brown free range eggs this week for $3.50. Up about 40% since uncle Joe took office but available just the same.
Just heard from a friend in Iowa who said his Costco was out of eggs as well. Maybe it’s a Costco supplier thing.
According to the radio this morning there are still some 10M posted job openings across the country mostly in the small business sector.
That a 6.5% increase in prices from last year is considered "looking up" really draws attention to how shitty things are.
I wonder how much more temporary inflation we will get to experience?
Inflation is cumulative, so the longer it goes on the worse it effects. Inflation was 7% last December, so now its another 6.5% on top of the highest (to that point) inflation rate in 40%.
a healthy economy has no more than 2% inflation. It was 1.4% when Biden took office.
The Bidenistas are cheering this like it is great news or something.
It isn't at all.
If things are "looking up" now, what the hell were they back when inflation was much, much lower?
Yes... Seems some people don't want to admit that once inflation goes down, prices that were raised due to inflation usually stay high until there is a correction made by other market forces to change supply and demand. It's similar to how so many people conflate the debt with the deficit. Bringing down the annual deficit to $1 trillion still means that the debt is going up by that $1 trillion each year.
Damn, we need a balanced budget act and we need the House to go back to passing each individual spending bill rather than lumping everything into an omnibus bill brought out at the last minute where nobody has time to read it.