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Inflation jumps to 9.1%, highest in four decades

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Posted By: Happy Place USA, 7/13/2022 8:40:19 AM

Inflation accelerated to an explosive 9.1% for the 12 months ending in June, according to the consumer price index, the highest level in four decades. The much-anticipated numbers reported by the Bureau of Labor Statistics on Wednesday revealed that inflation is still going strong despite the Federal Reserve's interest rate hikes and is near the worst it has been since the Great Inflation that helped bring President Ronald Reagan to office. The soaring inflation has eaten into President Joe Biden’s approval ratings as he and Democrats approach the midterm elections. Consumer prices have been rising fast since last August, especially for staples such as food and gas.

Comments:

But don't worry everyone, everything is going great. It's transitory. It's Putin's price hike. The economy is humming.

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Reply 1 - Posted by: Troutgreen 7/13/2022 8:48:12 AM (No. 1214932)
FJB
17 people like this.

Reply 2 - Posted by: GreatGreyhounds 7/13/2022 8:50:25 AM (No. 1214934)
Which in the Real World (aka 50 miles away from DC), it's a least double that, with more to follow...
18 people like this.

Reply 3 - Posted by: Krause 7/13/2022 8:58:55 AM (No. 1214944)
'Joe, good job, keep effing up.' - Barack
9 people like this.

Reply 4 - Posted by: LC Chihuahua 7/13/2022 8:59:58 AM (No. 1214946)
More like 20% and going higher. Biden Did That!
16 people like this.

Reply 5 - Posted by: Mizz Fixxit 7/13/2022 9:09:10 AM (No. 1214956)
Let’s place Biden “I did that! stickers at meat counters.
13 people like this.

Reply 6 - Posted by: Ribicon 7/13/2022 9:13:09 AM (No. 1214962)
September 26, 2017: "Yellen: Fed perplexed by chronically low inflation" https://www.cbsnews.com/news/yellen-federal-reserve-perplexed-by-chronically-low-inflation/ November 24, 2020: "Yellen’s Mandate: Massive Stimulus, Assuaging Fears of Inflation" https://foreignpolicy.com/2020/11/24/yellens-mandate-massive-stimulus-assuaging-fears-of-inflation/ January 27, 2021: "Jerome Powell and Janet Yellen aren't worried about inflation. Maybe they should be" https://edition.cnn.com/2021/01/27/economy/inflation-federal-reserve-janet-yellen/index.html October 24, 2021: "Treasury Secretary Janet Yellen: High inflation should fall in middle of 2022" https://www.washingtontimes.com/news/2021/oct/24/treasury-secretary-janet-yellen-high-inflation-sho/
8 people like this.

Reply 7 - Posted by: WhamDBambam 7/13/2022 9:14:19 AM (No. 1214965)
Let's go Brandon.
10 people like this.

Reply 8 - Posted by: Zeek Wolfe 7/13/2022 9:16:46 AM (No. 1214968)
The Democrat plans to ruin America after only a year and a half are exceeding their hopes and expectations. Lets Go Brandon!
12 people like this.

Reply 9 - Posted by: red1066 7/13/2022 9:18:47 AM (No. 1214971)
The media has been using the term, "The highest in forty years" to describe the rate of inflation. The demosluts are aiming for that description of inflation to be called the highest in fifty years.
3 people like this.

Reply 10 - Posted by: weirdone 7/13/2022 9:19:17 AM (No. 1214973)
3 28 2021 Editor: Never thought I would live to see the day that an ignorant apathetic American population would willingly, adopt and elect, a government dedicated to the following proposition. We the People of the United States, in Order to destroy a perfect Union, forego Justice, accept domestic violence, defund the common defense, promote the general Welfare State and secure perpetual debt to ourselves and our Posterity, do relinquish and destroy the Constitution for the United States of America. We are now ruled, as opposed to governed, by a senile President and a radical Socialist Congress that has ignored the Constitution and rules by Executive order. The time has come to defund the government. Those of us paying the bills must stand up and take back our country, if it is not already too late. “The best way to destroy the capitalist system is to debauch the currency,” Vladimir Lenin, leader of the 1917 Russian Revolution Today the presses are running 24/7 in order to fund the Government, the money supply has increased by 25% since the first of January, and the dollar, backed by nothing, is falling in value. Can hyperinflation be far behind?
11 people like this.

Reply 11 - Posted by: Ida Lou Pino 7/13/2022 9:20:18 AM (No. 1214977)
It's utterly idiotic - - to believe that "Fed rate hikes" are the answer to inflation. The only real answer - - - is for the corrupt swamp dwellers to stop creating money out of thin air - - so that they can line their pockets running fake social programs. The only elected office holder - - who is speaking out loudly to stop the wasteful spending - - is Fightin' Roy Blunt. Otherwise - - it's crickets from the RINOs and the Pubbies.
5 people like this.

Reply 12 - Posted by: nwcudagal 7/13/2022 9:31:05 AM (No. 1214991)
Not a problem for everyone. Lots of government employees have had very generous COLAs this year. Not so much for SSA.
10 people like this.

Reply 13 - Posted by: MDConservative 7/13/2022 10:33:38 AM (No. 1215088)
We should all give thanks for the $16 TRILLION of pretend money injected into the US economy for stimulus, paycheck protection, Project Warp Speed, and a host of other COVIDS purposes. Then there's the needless cost of US involvement in Ukraine and the senseless policies of the Democrats regarding oil production and energy in general. No "October surprise" will offset $5/gal gasoline and empty shelves. let alone the government's neverending "wokeness".
7 people like this.

Reply 14 - Posted by: JimBob 7/13/2022 11:16:23 AM (No. 1215134)
I remember the early-mid '70's, when the Arabs organized the OPEC oil cartel. Gasoline prices went from 29.9 Cents a gallon, first to 45 Cents, then 60 Cents, and by 1980 or so, to 115 Cents, or $1.15 a gallon. Inflation was rampant for years, and only settled down when the cost of everything else rose until the cost of gas was back in somewhat similar proportion to everything else as it was before OPEC. That time, it was the Arabs that did it. This time, it is The HairSniffer's administration. I read, over and over, that the cause of the inflation is the overstimulation by the Federal Reserve and overspending by the Congress during the WuFlu panic. That may well account for the increase in big-ticket items, but I believe that for everyday stuff, the cost increase is driven by the increased cost to produce the goods, and that cost increase is driven, at every step of the production and transport, by the increased cost of fuel. This is SQUARELY on Biden and those who control his Teleprompter. Stepping back from the cost of Fuel, the overall effect is to Destroy the Value of the Currency. As pointed out by weirdone (#10) “The best way to destroy the capitalist system is to debauch the currency,” Vladimir Lenin. It is another 'front' in the War on America being conducted by the HairSniffer and his administration. I wonder..... Who Benefits from this artificial restriction on American fuel (Oil and Natual Gas) production, and the resulting runup in the global price of fuel? Hmmm.... Russia's main source of foreign income is selling oil and natural gas. China and India are happy to buy the oil that the West has 'boycotted', and also the Natural Gas that Putin has 'turned off the valves' to western Europe. President Trump's policy of American energy independence drove down the global price of oil and was 'killing' Putin. Biden cutting American production has run up the global price and Putin benefits. I wonder..... is this one of the things that the Russians bought with their million$ in payments and gifts to Crak-Head Hunter (with 10% to 'the Big Guy') ? I wondered at todays "9.1%" number, as the cost of everything that I buy has gone up more like Twice that amount. Then it occurred to me..... this is an Average of the Costs and the Income. My income has not gone up One Bit, so the Average of the Cost and the Income, when the Income change is Zero, is HALF of the Cost Increase.
1 person likes this.

Reply 15 - Posted by: bldrrepub 7/13/2022 11:18:01 AM (No. 1215135)
With Biden's cognitive difficulties and recent temper tantrums, I'm wondering when he is going to don a cardigan and scold us next to a roaring fire.
7 people like this.

Reply 16 - Posted by: bigfatslob 7/13/2022 11:37:12 AM (No. 1215152)
I guarantee a President Trump could put America back on track in less than three months. No playing around sending all the Rinos and naysayers into the hills, cutting off all benefits to the illegals sending them all south and back home. We know President Trump can do it because he did it before without help and support while he fought media, Pelosi and FBI investigations hindering him. MAGA
4 people like this.

Reply 17 - Posted by: bad-hair 7/13/2022 11:54:10 AM (No. 1215173)
Gas is 5 bucks a gallon. Have you checked out the price of milk ? Buck an egg coming soon.
3 people like this.

Reply 18 - Posted by: Heil Liberals 7/13/2022 11:58:47 AM (No. 1215181)
If you want to see what the REAL inflation index is, check out Shadow Stats. How about 17%! http://www.shadowstats.com/alternate_data/inflation-charts
4 people like this.

Reply 19 - Posted by: tootall 7/13/2022 12:27:21 PM (No. 1215215)
#18 is on it. Politicians change the definitions when they want to steal more of our (or our children's and grandchildren's) money! http://www.shadowstats.com/alternate_data/inflation-charts The 'beloved' African dictator Robert Mugabe simply created a law outlawing inflation. He had a pen and a phone. Problem solved.
1 person likes this.

Reply 20 - Posted by: Bur Oak 7/13/2022 1:28:12 PM (No. 1215271)
Here's the percent increase in several categories as per the Bureau of Labor Statics for the last 12 months. A whole bunch more than 9.1% and the Democrats are just getting started. Food All 10.4% Food at home 12.2% Food away from home(1) 7.7% Energy All 41.6% Energy commodities 60.6% Gasoline (all types) 59.9% Fuel oil(1) 98.5% Energy services19.4% Electricity 13.7% Utility (piped) gas service 38.4%
0 people like this.

Reply 21 - Posted by: DVC 7/13/2022 5:32:17 PM (No. 1215458)
Joe and Evil Nancy, shoveling out money by the train load.
0 people like this.

Reply 22 - Posted by: enemyofthestate 7/13/2022 7:43:46 PM (No. 1215563)
Price of one gallon of gasoline at my station was $2.15 in January 2021. I needn't remind you that was the month Vegetable took up residence in our White House.
0 people like this.

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