Inflation Up 9.1% In Past Year Despite Fed's Rate Hike

[Webster]

(The Guardian) Biggest 12-month US inflation increase since 1981, data shows
Americans looking for relief from the country’s inflation spike did not find it in June, the latest data from the Labor Department confirmed.

The consumer price index rose 9.1% last month compared to June 2021, its biggest 12-month increase since the same period in November 1981. It even accelerated compared to May, rising 1.3% compared to that month’s one percent increase.

Dig deeper into the numbers and you’ll see a story of frustration and financial pain for people across the country. Grocery prices were up one percent compared to May and 10.4% over the prior 12 months. Gasoline prices have increased 59.9% over the past 12 months and 11.2% in June alone.

Washington’s inflation fighter, the Federal Reserve, may respond to this report with another big interest rate increase later in July to cut into the demand drivers of inflation, as they did at their meeting last month. Biden has already seen inflation wreck his approval rating, but can hope that if Saudi Arabia agrees to bring more oil onto the market, the price of gasoline, an important contributor to inflation, will decline. Meanwhile, there’s evidence the gas price surge is already receding...

 

[Webster]

(The Guardian) Inflation numbers 'out-of-date', don't reflect price decreases, Biden says
The latest inflation figures are certainly bad, but President Biden has just issued a statement arguing that the situation is better than it appears because gas prices have declined since the data was collected. Here’s the meat of his argument: While today’s headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.

Importantly, today’s report shows that what economists call annual “core inflation” came down for the third month in a row, and is the first month since last year where the annual “core” inflation rate is below six percent.

 

[WHO IS SERAFIN]

Let’s go Brandon!🙄

 

[Nebulous]

Why don't our wages get some inflation?

 

[Webster]

Why don't our wages get some inflation?

They do via cost-of-living increases but inflation can eat those gains up.

 

[Nebulous]

They do via cost-of-living increases but inflation can eat those gains up.

I need a cost of living raise!

 

[Webster]

I need a cost of living raise!

Ask your boss sometime; you'd be surprised at how accommodating employers can be in times like these.

 

[Nebulous]

Ask your boss sometime; you'd be surprised at how accommodating employers can be in times like these.

I will! If he says no I'll organize a strike

 

[Webster]

I will! If he says no I'll organize a strike

 

[WHO IS SERAFIN]

I need a cost of living raise!

Well at least gas prices have gone from 4.85 to 4.09. I was about to raise my prices again if it reached 5.00

 

[Webster]

Well at least gas prices have gone from 4.85 to 4.09. I was about to raise my prices again if it reached 5.00

As good a photographer as you were, you could always take that up as a side hustle.

 

[WHO IS SERAFIN]

As good a photographer as you were, you could always take that up as a side hustle.

I’ve done a few portrait sessions and graduations, I’m trying to keep it something all about fun than business. But I guess if my business collapsed it would be a serious option.

 

[Webster]

I’ve done a few portrait sessions and graduations, I’m trying to keep it something all about fun than business. But I guess if my business collapsed it would be a serious option.

Then go for it, my friend; as much as I slag you at times, I can say straight-up you are one damn good photographer.

 

[WHO IS SERAFIN]

Then go for it, my friend; as much as I slag you at times, I can say straight-up you are one damn good photographer.

Much appreciated. Well my business is still going great and Photography don’t pay as much. And I imagine things are going to get worse before they get better and people are going to be spending less on things like portraits.

 

[Nebulous]

Well at least gas prices have gone from 4.85 to 4.09. I was about to raise my prices again if it reached 5.00

It was $6.50 here for a while, now its like $5.79 or something like that.