The following article, Another Week, Another Horrible Inflation Milestone , was first published on Flag And Cross.
The American economic situation is growing ever more dire by the day, as a seemingly unmotivated White House continues to sit on its figurative hands.
In fact, it took until last week for the Biden administration to even begin to admit that there was much of a problem, despite the fact that we’ve been crossing troubling fiscal thresholds for months on end.
Now, after gas prices top $5 nationally and grocery store prices skyrocket, a new milestone has arrived.
Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, so-called core CPI was up 6%, slightly higher than the 5.9% estimate.
On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared with respective estimates of 0.7% and 0.5%.
Surging shelter, gasoline and food prices all contributed to the increase.
Every costs exploded as well.
Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.
The White House’s economic strategy certainly needs an overhaul, but there is little evidence to suggest that such an action will be underway any time soon?
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