U.S. Annual Inflation rose to 6.8% in November - the highest in 40 years

[Anonymous]

Anonymous wrote:It’s no longer ‘transitory’ /s

The fed is already talking about tapping the brakes with interest rate hikes.

[Anonymous]

Welp. Nothing to say now.

[Anonymous]

Bravo Biden……well done.

[Anonymous]

I’ve been told that’s Reagan-level bad. Any comment from the White House?

[jsteele]

Before anyone panics, take a look at the release:

https://www.bls.gov/news.release/pdf/cpi.pdf

In particular, look at the chart at the bottom of page one. While inflation is increasing, it is trending down.

In October it was 0.9, in November it as 0.8, and in December it was 0.5. If this trend continues, we will get down to normal levels in a couple of months.

[Anonymous]

jsteele wrote:Before anyone panics, take a look at the release:

https://www.bls.gov/news.release/pdf/cpi.pdf

In particular, look at the chart at the bottom of page one. While inflation is increasing, it is trending down.

In October it was 0.9, in November it as 0.8, and in December it was 0.5. If this trend continues, we will get down to normal levels in a couple of months.

A couple of months…is the one point everyone agrees on.

[Anonymous]

The prices in the grocery store have really been depressing me. I’m digging through the bottoms of my pantry and freezer for two year old food.

[Anonymous]

Real average hourly earnings fell (down 2.4% YoY) for the 9th straight month... is this transitory as well?

[Anonymous]

jsteele wrote:Before anyone panics, take a look at the release:

https://www.bls.gov/news.release/pdf/cpi.pdf

In particular, look at the chart at the bottom of page one. While inflation is increasing, it is trending down.

In October it was 0.9, in November it as 0.8, and in December it was 0.5. If this trend continues, we will get down to normal levels in a couple of months.

Would not be so confident with the prediction at all. The biggest reason why the CPI has stayed so low even though Americans know and can generally feel inflation is worse than reported is because the US govt use obtuse metrics like 'owner-rent equivalents' for housing costs. It's completely arbitrary and made up garbage. I mean just look how much housing costs have exploded over the last 2 years alone, yet the lions share of that is not reflected in the CPI because direct housing price increases are not included in the CPI (dumb). However, rents are often lagging and rise when housing rises. Look at the table in the CPI #s and you will see that owner rent equivalent #s rose and are staying steady. Go read how rents for everyone are now increasing, often by a lot. The US govt will no longer be able to hide how bad inflation is as rents continue to rise, which will be reflected in the owner-rent equiv. #s. Housing makes up one of the largest percentages for CPI measurements. Just wait until the rent increases that are occurring now start appearing in CPI numbers. They won't be able to artificially downplay inflation anymore even using their obtuse metrics for housing costs.

[jsteele]

Anonymous wrote:

jsteele wrote:Before anyone panics, take a look at the release:

https://www.bls.gov/news.release/pdf/cpi.pdf

In particular, look at the chart at the bottom of page one. While inflation is increasing, it is trending down.

In October it was 0.9, in November it as 0.8, and in December it was 0.5. If this trend continues, we will get down to normal levels in a couple of months.

Would not be so confident with the prediction at all. The biggest reason why the CPI has stayed so low even though Americans know and can generally feel inflation is worse than reported is because the US govt use obtuse metrics like 'owner-rent equivalents' for housing costs. It's completely arbitrary and made up garbage. I mean just look how much housing costs have exploded over the last 2 years alone, yet the lions share of that is not reflected in the CPI because direct housing price increases are not included in the CPI (dumb). However, rents are often lagging and rise when housing rises. Look at the table in the CPI #s and you will see that owner rent equivalent #s rose and are staying steady. Go read how rents for everyone are now increasing, often by a lot. The US govt will no longer be able to hide how bad inflation is as rents continue to rise, which will be reflected in the owner-rent equiv. #s. Housing makes up one of the largest percentages for CPI measurements. Just wait until the rent increases that are occurring now start appearing in CPI numbers. They won't be able to artificially downplay inflation anymore even using their obtuse metrics for housing costs.

As I said, "If this trend continues". You seem to believe the trend won't continue. Either way, there is currently a downward trend that should be acknowledged.

[Anonymous]

I re-wrote it for you Mr. President.

Today’s inflation numbers are malarkey and Americans are scared -- I understand that. We are making progress in slowing the rate of price increases and reducing government inflation-inducing programs. But there is still more work to do — I remain focused on lowering costs for all Americans and maintaining strong economic growth.

[Anonymous]

[Anonymous]

Anonymous wrote:

Yes, the cumulative growth of inflation is 7% in a single year. That's terrible. Minimizing that or a 0.5% additional growth of inflation just in December is not getting you out of this.

Six months ago on July 21, 2021 inflation was at 5%. Its only increased by 2% since then. What is Biden doing to fix it?

[Anonymous]

Watching the White House press conference and the NEC director is getting LIT UP.

"The White House's message last spring and fall was that inflation was going to being transitory, and well taken care of by now. What did you get wrong? What did economists get wrong and why should Americans be confident?"

[Anonymous]

This is so embarrassing - he doesn't have an answer. "So the supply chain is the reason for the inflation?" Neese: "mumbles mumbles mumbles"

Reporter 2: "Are you doing anything to help people afford food?"

Neese: "Umm we did...the expired CTC and we want BBB!" Which doesn't help more than 65% of Americans.