Just when we thought that inflation had gotten so bad that it was certain that something would have to be done to at least contain it, it rose again.
According to the Bureau of Labor Statistics, which reports on these issues, the Consumer Price Index rose 0.8 percent in October, meaning the overall consumer price index rose 6.8 percent over the past 12 months. , with energy and food prices being particularly problematic.
Here’s what the BLS had to say about inflation over the past month and what factors caused it to rise so quickly:
The US Bureau of Labor Statistics reported today that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.8% in November on a seasonally adjusted basis after rising 0. .9% in October, the US Bureau of Labor Statistics said. Over the past 12 months, the all-commodity index has gained 6.8% before seasonally adjusted.
The monthly gains in all seasonally adjusted commodities were the result of broad gains in most component indices, similar to the previous month. Indexes of gasoline, accommodation, food, cars, used trucks and new vehicles were among the larger contributors. The energy index rose 3.5% in November as the gasoline index rose 6.1% and other major energy components indexes also increased. The food index rose 0.7 per cent as the home food index rose 0.8 per cent.
For reference, when the news came out that CPI rose 6.2% for the past 12 months in October, that’s the highest rate in 30 years. Now, with inflation nearing 7% squeezing the economy, it is nearing a 39-year high, with no end in sight. Maybe we’ll be back to the bleak days of Jimmy Carter soon.
In addition, this increase in CPI is even worse than the predictions of the experts (it should come as no surprise to those who pay attention to the experts and their continued failures), according to CNBC, before the CPI BLS figures were released:
Wall Street expects the index to reflect a 0.7% gain for the month, which is a 6.7% gain from a year ago, according to Dow Jones estimates. Excluding food and energy, core CPI is forecast to increase by 0.5% monthly and 4.9% annually.
If those estimates are correct, it would be the highest year-to-date figure for headline CPI since June 1982, when the index surpassed 7% after topping out at more than 14% for all of March. and April 1980, a record still stands. Essentially, this would be the highest since June 1991.
So their estimates were low and inflation was even worse than expected, hitting levels last seen when Reagan finally broke through the aftermath of the stagnant inflation that had crippled the US economy in recent years. 1970. Unfortunately, this time we didn’t have Gipper to guide us through the trouble. Instead, we have Slow Joe.
https://smartzune.com/thanks-brandon-bidenflation-hits-6-8-in-november/ Thanks, Brandon: 6.8% bid inflation in November