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Economy |
Consumer prices rose 8.5% annually in July, as inflation remains stubborn |
2022-08-10 |
[Just the news] Good thing they passed the The CPI increased by 9.1% in June The Consumer Price Index increased in July by 8.5% over the last 12 months, the Bureau of Labor Statistics announced Wednesday. The increase is slightly smaller than that seen in June, when the CPI increased by 9.1%, which was the largest yearly increase at that time since December 1981. The lower prices for gasoline offset price increases in food and housing, the bureau stated. While energy is 32.9% more expensive in July 2022 than it was in July 2021, prices fell by 4.9% from June. However, from July of last year to this year, food prices rose by 10.9%, and increased by 1.1% just from June to July alone. Earlier this month, Federal Reserve Bank of Minneapolis President Neel Kashkari called the current inflation levels "very concerning." "We keep getting inflation readings, new data that comes in as recently as this past week, and we keep getting surprised," he said, adding that the current rate is "higher than we expect." The Senate passed the Inflation Reduction Act by 51 to 50 earlier this week with Vice President Kamala Harris as the tie-breaking vote. Republicans argue that the bill will increase inflation and harm average Americans. The legislation, which has yet to pass the House, would allocate $80 billion in additional funding to the Internal Revenue Service while raising taxes on most Americans. |
Posted by:Frank G |
#6 Just wait until the real food shortages show up. Warehouses are just now starting to empty, so by Q4 we will see some real bare shelves. Later meat will be hard to come by as herds are now being culled and there will be later by Q1 2023. Revolutions and violent civil disorder have reliably happened when food jumps over 20% rise in cost quickly. The US is just now passing that with shortages coming. How long before people start burning down areas, rioting over it and shooting each other? |
Posted by: DarthVader 2022-08-10 14:01 |
#4 I just hope that there aren't premature declarations of victory followed by an easing off that will make inflation much worse. See 1975-82. |
Posted by: Tom 2022-08-10 11:24 |
#3 Stubborn. After Democrats; DC just passed the Make Bigger Inflation Act, we may end up wishing for a stubborn 8.5%. |
Posted by: swksvolFF 2022-08-10 11:06 |
#2 I wouldn't hold my breathe on that wish. |
Posted by: Chris 2022-08-10 11:04 |
#1 "The lower prices for gasoline offset price increases in food and housing, the bureau stated." ????? Gas is still +/- $1.20 higher in my neck of the woods, than it was in 2020, which is about a 57.91% increase. Tell you what Nancy P., I just want a SSA / SSD COLA increase equal to the Congressional Pay Raise of March 2022 "a 21 percent increase — according to the House Appropriations Committee summary." |
Posted by: NN2N1 2022-08-10 09:09 |