A key inflation index released by the Federal Reserve is up 3.6% compared to one year ago, tying the highest level in nearly 30 years.
“An inflation measure the Federal Reserve uses to set policy rose 3.6% in July from a year ago, meeting Wall Street expectations but also tying the highest level in about 30 years,” reports CNBC.
“The core personal consumption expenditures price index, which the Fed sees as the broadest measure of inflation, was unchanged from June, which was revised up one-tenth of a percentage point, the Commerce Department reported Friday. That 3.6% reading equaled the Dow Jones estimate and appeared to be the highest level since May 1991,” adds the financial outlet.
— New York Post (@nypost) August 27, 2021
“We don’t want and we really can’t afford to have inflation that is too high, because people at the lower end of the spectrum are going to be hurt pretty significantly,” said Atlanta Fed President Raphael Bostic.
White House Press Secretary Jen Psaki addressed growing concerns regarding rising prices across the United States earlier this month; admitting that inflation will likely “go up a bit” in the weeks ahead.
“We take inflation incredibly seriously. We watch it closely. The Federal Reserve, who has the purview, has predicted or put out a forecast that we expect it to go up a bit this year. We’ve long anticipated that,” said Psaki.
.@PressSec Jen Psaki: "We take [inflation] seriously. We watch it closely. The Federal Reserve, who has the purview, has predicted or put out a forecast that we expect it to go up a bit this year. We've long anticipated that." https://t.co/byqFT8saZe pic.twitter.com/AQyI0D6DfT
— The Hill (@thehill) August 11, 2021
Read the full report here.
BIDEN'S INFLATION NATION: Inflation Rate Jumps, Highest Since 2008, Prices Up 5.4% in June
The inflation rate in the United States jumped to 5.4% in June as prices for consumer goods soared; posting the fastest pace since 2008 while the economy struggles to recover from the COVID-19 shutdown.
“The Labor Department said last month’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008. The so-called core price index, which excludes the often-volatile categories of food and energy, rose 4.5% from a year before,” reports the Wall Street Journal.
U.S. consumer prices rose 5.4% in June from a year ago, keeping inflation at the highest annual rate in 13 years as the economic recovery gained steam https://t.co/HbP9VXcWMp
— The Wall Street Journal (@WSJ) July 13, 2021
“The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles. It increased a seasonally adjusted 0.9% in June from May, the largest one-month change since June 2008. Prices for used cars and trucks leapt 10.5% from the previous month, driving one-third of the rise in the overall index, the department said. The indexes for airline fares and apparel also rose sharply in June,” adds the newspaper.
Read the full report here.
CARTER PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years
Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.
“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.
— The Hill (@thehill) June 10, 2021
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”