CPI Report Shows Inflation Has Been Cut in Half From Last Year's Peak | AllSides
S E E D E D C O N T E N T
Economy And Jobs, CPI, Inflation, Inflation Rate Posted on AllSides June 13th, 2023 Save for Later From The Center
RICHARD B. LEVINE/ZUMA PRESS
Inflation has been cut by more than half from last year's peak, but remains far above what Fed officials meeting this week would like to see.
Economists surveyed by The Wall Street Journal estimated that consumer prices rose 4% in May from a year earlier. The so-called core consumer-price index, which excludes volatile food and energy categories, was estimated to have risen 5.3% in May from a year earlier. Economists see core prices as a better predictor of future inflation. Core prices remain elevated in part because an earlier surge in...
https://www.wsj.com/articles/consumer-price-index-report-may-inflation-cafcbef5
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So since Biden got all the shit for high inflation last year do we have to give him props for it falling?
I'll give him some props after he gets inflation down to at least as low as it was when he took office.
I just won't hold my breath waiting.
It's your choice. Mine is not to blame, or praise, people for things they had no hand in.
Hey, YOU asked, I answered. Sorry the answer didn't get your stamp of approval.
I wasn't looking for approval. Nothing to be sorry for.
I didn't claim you did. Perhaps rereading what I wrote will clear things up for you.
So you agree that current inflation is not Trump's fault, but the result of Biden's policies?
hmmm.... I'm going to leave that trollish statement to sit on it's own. I'm done trying to have a conversation with you when every comment you make is adversarial for no reason.
I don't blame either one of them for the state of inflation. I would challenge you to produce which policies of Biden's you speak of specifically and why YOU think they've added to inflation.
[Deleted]
I merely disagreed. Your the one that brought approval into the conversation.
You don't need to be sorry nor need my approval. I thought that was simple.
Must every single instance of sarcasm be specifically pointed out?
Sorry about that, I'll get right on it!
/s
Yes. <- not sarcasm.
[Deleted]
No. Not until it is BELOW what it was when he started screwing things.
I'll ask you the same question, I asked Greg above. Which policies of Biden's do you speak of specifically and why do YOU think they've added to inflation?
Lets start with his stopping our energy independence driving up gas prices, hence the prices of products to cover transportation costs.
Please link to, or post, the passed law or EO that drove energy prices up. Maybe I'll learn something and agree with you?
A good sign.
Spending is still up and jobs reports are robust. I don't think we're going to see that recession some economists feared.
The job reports have been outstanding as has spending. Like you I don't believe that we're going to see a severe recession.
The latest I heard is now they are saying Q1 of 2024. Gotta leave that fear factor out there. Can't the talking heads just accept the fact that the American people aren't interested in participating in their doom and gloom and we will be just fine.
they have to justify their pay checks
I hadn't heard it yet, but it's summer and I've dropped the streaming service I used to watch national news.
Most of these people have an agenda. Either partisanly political, clicks, or whatever it is. With the economic stuff I try to get a broad look at what's going on and we've all been alive now long enough to understand how certain trends are likely to effect the economy broadly. Corporate culture and spending habits...
Meh, there are always the standard culture wars.
Food is what gets me. Groceries are unreal.
Eggs have gone down, so eat a lot of eggs. Walmart has an 18 pack of extra large eggs for $ 1.77. I'm having some delivered later today. The price of meat is getting out of hand though.
A little while back we sort of had an egg shortage. You couldn't find them for a short time. I need to go shopping and I am dreading it.
WOW!!! I can do lots of stuff with eggs
Mr G went to the commissary last Friday to stock up. He kept it under 600 but then there was the bagger tip....
It does add up fast.
fried eggs, boiled eggs, poached eggs, baked eggs, scrambled eggs, egg salad, grilled eggs, egg soup, egg sandwiches...I think that's it
I use to buy twelve packs of canned beverages just to have in stock. In case I wanted a coke or a sprite.
Those things are like 15 a twelve pack now.
For a long time people believed that eggs were bad for you, due to the cholesterol, but I think recently the "experts" have backtracked on that. Most people can eat eggs three or four times a week without any risk.
Last time I spent 400.
The Trout Gump egg company...
I use to make this jalapeno quiche stuff. It was so good. Lost the recipe.
I woudl like that
Because last year the major egg producers were dealing with an outbreak of bird flu.
Our eggs are down to 1.39 / 12
compared to $8.89 when the producers slaughtered millions of sick chickens.
Boil em, mash em, put em in a stew...
oh wait, that's potatoes.
Bubba Trout has a million uses for taters, too
Don't y'all worry about those high grocery prices.
They are just temporary and the fault of supply chain issues, the pandemic, and Putin.
The single biggest cause of downward pressure on inflation is the Federal Reserves aggressive interest rate increases over the last couple years. Nothing to do with Biden. The biggest cause of upward pressure on inflation is the Federal Governments record spending and printing of more money. Everything to do with Biden
They are at odds with each other but thank God for Powells aggressive rate increases. We would be totally screwed without it.
Now fun with numbers and reality:
- Inflation increased nearly 300% on Biden’s watch. About 2.4% to 9.1% at it’s peak
- Inflation has gone down only about 56% from its peak to May’s number. 9.1% to 4%. A good sign but it leaves a long way to go to get back historic lows. A long way
- Much more resistance to healthy recovery remains
Record high credit card debt
Record high household debt
Mortgage rates up significantly
Record costs for food, utilities, gas, services, etc
Positive job reports, if accurate, are encouraging but a lot of data shows recession is almost inevitable
People are living like the federal government.
People are ignoring what is going on in the housing market, but to me it looks like it will crash.