Inflation Alert! In August, the Consumer Price Index for All Urban Consumers increased 0.6 percent, seasonally adjusted, and rose 3.7 percent over the last 12 months, not seasonally adjusted.
TLDRS:
- In August, the Consumer Price Index for All Urban Consumers increased 0.6 percent, seasonally adjusted, and rose 3.7 percent over the last 12 months, not seasonally adjusted.
- Corporate media will try and say this is a last 'summer hoorah' of spending. Compared to August 2022, this is just inflation GROWING unabated.
- Reminder, while banks have the liquidity fairy, 'we' get the promise of 2 more rate hikes this year, Atlanta Fed President Raphael Bostic yet again enrichens himself inappropriately from his position.
- To fix one end of their mandate (price stability) from the inflation problem they created, the Fed will continue sacrificing employment (the other end of their mandate) to bolster price stability by continuing to raise interest rates--causing further stress to businesses and households.
- I believe inflation is the match that has been lit that will light the fuse of our rocket.
Source: https://www.bls.gov/news.release/pdf/cpi.pdf
Corporate media will try and say this is a last 'summer hoorah' of spending. Compared to August 2022, this is just inflation GROWING unabated.
Look how it grows!
Food
- The food index rose 0.2 percent in August, as it did in the previous month. The index for food at home increased 0.2 percent over the month, after rising 0.3 percent in July. The six major grocery store food group indexes were split over the month, with three increases and three decreases. The index for meats, poultry, fish, and eggs rose 0.8 percent in August as the index for pork increased 2.2 percent. The index for other food at home increased 0.2 percent over the month and the index for cereals and bakery products rose 0.5 percent.
- The index for dairy and related products decreased 0.4 percent in August after increasing 0.5 percent in July. The fruit and vegetables index declined 0.2 percent over the month, as did the nonalcoholic beverages index.
- The food away from home index rose 0.3 percent in August. The index for limited service meals rose 0.3 percent over the month, and the index for full service meals increased 0.2 percent. The food at home index rose 3.0 percent over the last 12 months. The index for cereals and bakery products rose 6.0 percent over the 12 months ending in August. The meats, poultry, fish, and eggs index was unchanged over the year. The remaining major grocery store food groups posted increases ranging from 0.3 percent (dairy and related products) to 4.8 percent (nonalcoholic beverages).
- The index for food away from home rose 6.5 percent over the last year. The index for limited service meals rose 6.7 percent over the last 12 months, and the index for full service meals rose 5.2 percent over the same period.
There is NO WAY they get to 2% inflation at current rates with 70% of increase coming from a 7.3% gain in shelter costs!
