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Inflation continued to surge in August, but appeared to settle at nearly the fastest pace in almost 13 years as the economy continues to emerge from the pandemic, the feds said Tuesday.

The Labor Department’s Consumer Price Index, which measures a basket of goods and services as well as energy and food costs, jumped 5.3 percent in August from a year earlier.

That’s down from July’s 5.4 percent year-over-year rise in prices, which exactly matched June’s increase, the biggest 12-month rise since August 2008, just before the financial crisis sent the US into the worst recession it had seen since the Great Depression.

Consumer prices rose 0.3 percent from July, the Labor Department said.

Economists surveyed by Dow Jones expected a 5.4 percent year-over-year spike in August and monthly increase of 0.4 percent.

The core consumer price index, which excludes volatile food and energy costs, rose 4 percent from a year ago, lower than the 4.3 percent year-over-year jump that the index saw in July.

August’s month-over-month increase in the core CPI was the smallest jump since February.

That measure of inflation has eased since it spiked 4.5 percent in June, marking the fastest acceleration of prices it tracks since 1991.

Much of the price increases this summer have been from sectors that were hit particularly hard by the pandemic and have since snapped back to high demand, such as used car prices, airfares and fuel costs.

Volatility in prices of those goods have been central to the Federal Reserve’s argument that the recent flare-up in inflation is temporary and not a reason to taper the government’s bond-buying program that’s been a boon to the stock market.
The index for airline fares fell sharply, decreasing 9.1 percent over the month. The index for used cars and trucks declined 1.5 percent in August, ending a series of five consecutive monthly increases, but those prices are still 31.9 percent higher than 12 months ago.

The cost of food continued to rise, but slowed somewhat compared with recent months, the feds said. The food index increased 0.4 percent in August from July, with the index for meats, poultry, fish, and eggs up 0.7 percent over the month and the beef index up 1.7 percent.

“The indexes for gasoline, household furnishings and operations, food, and shelter all rose in August,” the Bureau of Labor Statistics added in a press release.

Stock futures rallied on the data ahead of the market open as the new numbers suggest inflation may be easing and Fed officials may have been right about the price spikes being temporary.

But as Fed officials urge patience, corporate executives have been warning that they’re going to have to hike prices through the remainder of the year as they try to eke out a profit amid spiking shipping and labor costs.

Executives of major toymakers, retailers, grocery chains and consumer-goods conglomerates have all warned of surging prices.

And when it comes to meat, a sector that has driven price increases in American grocery stores, the Biden administration has blamed major processors, accusing them of “pandemic profiteering.”
>Trump wages a trade war which including sharply increasing taxes on the working class
>Trump loses the trade war
>The American people are stuck with inflation
Why does Biden keep the tariffs in place?
To bust trying to save America from the Trump Virus and the Republicans hell bent on destroying America.
What a dumb fucking image. Monetary policy isn't the only thing that caused inflation, and is in fact normally not the cause of inflation, and doesn't appear to be now.

Inflation now is caused by:

1. The entire fucking service sector trying to rehire millions of laid off workers at once.

2. Pent up demand from buying falling off a cliff and then staying low for over a year.

3. Rebound inflation due to deflation at the start of the pandemic.

4. Supply chain issues. Computer chips for cars and people not moving during COVID for houses. If you take housing and cars out inflation is modest and if you do a two year average to before the pandemic it's not exceptional at all.

Housing is of course, totally fucked and has been for a long time and has to do with local governments denying permits to build new housing. We are now at a point where maximum industry output for 6 years straight still wouldn't get supply fixed. Blame NIMBY for that. Everyone wants to protect their $600,000 gamble on a 30 year old three bedroom, and the best way to do that is to deny any more building permits.
Probably more about nobody working in 2020 and the federal reserve printing 40% of all dollars ever last year to give to banks for free.
I'd also like to add the absolutely insane amount of fed QE that happened during the pandemic. Sadly people don't actually give a fuck. They'll do anything to score points on the other team, including ignoring reality.
You get what no one voted for.
I voted for Biden and would do it again.
biden economy
Inversion of reality. No one falls for this shit. Wasting everyones time.

Text changes nothing. We end your life. Real change.
Trump's trade war
Monetary policy has always caused inflation, however previously it was mostly contained to propping up Wall Street with asset bubbles and almost none of the fresh money reached consumers. Even so the official CPI number is bullshit and consumers have been feeling total cost of living inflation more in line with 3-4% year over year. And now that direct spending on general population is way up, plus nobody wanting to work, stagflation is here. And the Fed and government are helpless compared to their position in the 70s, their only option is to stay the course and blow the everything bubble even higher.
We are coming for you anti-american cunts, every day. Keep covering up the murders as covid for us. Thanks.

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