by Mary Chastain
I didn’t realize Putin’s Price Hike or whatever the Democrats call it began in 2021.
Do not ever forget that these people told us inflation is transitory. Every month I seem to write “40-year high” when the Labor Department releases the Consumer Price Index (CPI).
The Labor Department didn’t even sugar coat it with the announcement: CPI for all items rises 0.3% in April; shelter, food, airfare indexes rise
Everything went up except for inflation-adjusted earnings. Those went down 2.6% the past year because of the rising cost of living.
Real weekly earnings (inflation adjusted) have been negative during 81% of Biden's presidency pic.twitter.com/PL6CDGko71
— zerohedge (@zerohedge) May 11, 2022
The Biden administration will concentrate on the fact that inflation, the core-price index, which does not count without food and energy, decreased in April from March on a 12-month basis. It went from 6.5% in March to 6.2% in April.
However, they won’t mention that the core-price index increased in April 2022 by 0.6% compared to March 2022’s 0.3% increase.
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Biden’s people will likely point out that the overall CPI in April 2022 increased by 0.3% compared to March 2022’s increase of 1.2%
Except, once again, everything went up while inflation-adjusted earnings went down.
CPI 0.3% MoM; Exp. 0.2%
CPI 8.3% YoY, Exp. 8.1%CPI Core 0.6%, Exp. 0.4%
CPI Core 6.2% Y/Y, Exp. 6.0%— zerohedge (@zerohedge) May 11, 2022
– Shelter inflation +5.14% in April, up from 5.00% in March
– Rent inflation +4.82% in April, up from 4.44% in March
– Both highest since 1991. pic.twitter.com/PHc0ynNKl3— zerohedge (@zerohedge) May 11, 2022
The food at home index rose 10.8% over the last 12 months, the largest 12-month increase since the period ending November 1980
— zerohedge (@zerohedge) May 11, 2022