Sorry, Democrats and MSM. There is Literally Nothing to Celebrate About In the Inflation Report
CNBC contributor: “Inflation is everywhere.”
CNN is so happy inflation only rose 8.5% in the past 12 months, down from the 9.1% in June.
If you discount the still-rising price of groceries, electricity, and rent and look only at the commodities suffering from declining demand because they're too expensive, things are looking good! https://t.co/J4XNyLMAhj
— Noah Rothman (@NoahCRothman) August 10, 2022
So much is wrong in that screenshot that I cannot even. I’ll tell you right now that food prices did not fall in the past 12 months or from June 2022 to July 2022. (Time to reread Fuzzy’s post on Victory Gardens!)
Let’s put things into perspective for CNN and the Democrats about the Consumer Price Index (CPI) numbers for July 2022.
First off, the CPI from June 2022 to July 2022 did not change at all. Inflation stayed the same. That is not good:
The 12-month CPI went down from 9.1% to 8.5%, which is still at a 40-year high.
The stat sounds lovely, but it does not matter because wages are only growing at a 5.2% rate while real wages are declining.
Wages are not keeping up with the increase in prices.
Let’s break down those prices. You see only a few items decreased in July 2022 while others increased.
Overall, everything still increased in the 12-month period. Look at this chart:
Food increased 1.1% from June to July. No items in this category decreased in the same time period.
In the last 12 months:
- Food: 10.9%
- Food at home: 13.1%
- Food away from home: 7.6%
Energy decreased overall decreased from June to July, including gasoline. But it’s still $3.97 for non-ethanol here in OKC. Electricity increased 1.6% during that time. How about energy prices in the last 12 months?
- Energy: +32.9%
- Gasoline: +44%
- Electricity: 15.2%
All items less food and energy from June to July increased by 0.3% from June to July. Out of the items in that category, only used cars and trucks, apparel, and transportation services decreased during that time period.
In the last 12 months:
- All items less food and energy: +5.9%
- Shelter: 5.7%
- Transportation Services: 9.2%
I will break it down even more for the leftists because this is nothing to celebrate. In the 12-month analysis table of items families generally purchase every week:
- Eggs: +38%
- Flour and prepared flour mixes: +22.7%
- Uncooked ground beef: +9.7%
- Fresh and frozen chicken parts: +18.6%
- Milk: +15.6%
- Fruits and vegetables overall: +9.3%
- Oranges: +14%
- Bananas: 7.4%
- Potatoes: +13.3%
- Coffee: +20.3%
- Sugar and sugar substitutes: +13.3%
- Butter: +22.2%
- Peanut butter: +13.1%
- Pet food: 10.9%
Other big jumps in the last 12 months:
- Health insurance: 20.6%
- Airline fares: 27.7%
I had four eggs for lunch yesterday. A loved one told me, “That’s an expensive at-home lunch!” I never thought that’d be true.
Time to start that victory garden for the winter.
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to the full extent allowed by law.
When will people realize that they just don’t care? The talking heads on the screen, the grifting political hacks, the hollywood freaks all have more money than us plebs to absorb a budget cost increases that they will never feel. That extra money then rots their brains and think since they have more money than us plebs, somehow they are higher on the scales of intelligence, ability, social standing and morality thus polluting their thoughts into de-humanizing us plebs into oblivion. This is all supported by the FED/Treasury with the CTRL-P printed toilet paper that is sinking the ship.
The secret to keeping wealth is to maintain the financial habits you exercised while creating wealth. This is why lottery winners and recording artists so often die in debt. Now we have a country overloaded with a couple generations of “university lottery” winners with ornamental degrees in styrofoam fields that society actually doesn’t need, and which will evaporate completely when the SHTF. Those who fail to learn from 1913 are doomed to relive it… complicated by the alarming discovery that the shoes we all wear are no longer shinable.
The increase in prices is less than last month. People should rejoice these results or the increases will resume until there is great rejoicing.
Releasing crude oil from the SPR has brought down the price of gasoline. And, we have an Indian Summer that will disolve into a long cold winter. When you pay your first heating bill this year, you will know what I am talking about. Buy your Christmas presents now while you can still afford to.
“Merry Christmas, Honey. I am getting you Heat this year.”
Thank the pedophile for all of it.
“Indian summer” is not the term you’re looking for. What we’re having now is the actual summer. Indian summer is when the second week of January (or something like that) is warm enough to go out in a T-shirt.
Huh. I was always taught that Indian summer described a late fall phenomenon, not a winter one.
They have nearly drained the strategic reserve, I sure hope there ain’t no war.
Hain’t you herd, son? We got us all electric tanks now, by gum!
According to liberal logic, a decrease in the rate of increase is a cut. So inflation being lower than it was is a decrease in the cost of goods.
Or something. I never could follow that line of “logic.”
I learned about baseline budgeting from talk radio. Every year there is a built in increase and when that increase is reduced from Say 5% to 4% politicians celebrate a budget cut of 1%. It must be “new math” because in my world it’s a 4% increase.
Incase anyone missed the sarcasm of my comment it’s another version of “the floggings will continue until moral improves”. I always liked that line
We only wish it were sarcasm and not the reality we are dealing with.
What’s to celebrate?
Due to preparation, common sense, a work ethic and the will to survive, the average Republican will fare better than the average Democrat.
Until the average Democrat mugs the average Republican for his stuff.
Inflation slowed month over month, led by gas and oil, but the year over year numbers remain ugly. If the mo/mo numbers remain steady then eventually the y/y will fall but we are a long way off from that.
Prices rising at a continuing rate anywhere near 8.5% is still a major catastrophe. It needs to be slashed, not slowed down or pegged where it is.
IOW the intensity and frequency of the vast majority of the beatings remains the same while a very few categories of beatings using certain specific implements declined slightly. Horrah!
Is that better than last month? Ok sure you’re getting beaten slightly less intensely with some implements but the beatings continue and are far more frequent and intense than a year ago.
I don’t believe 0% for a minute.
The bad news: Inflation is up everywhere.
The good news: An integrated subwoofer and Amp I was eying decreased in price from $250 to $150. So I jumped on it. Yay me!
I’m suspicious of that wage increase number. While there are companies tossing out inflation adjustments and bonuses, I think most workers are stuck at their current pay rate until the next raise cycle. For good performers in an established company, you’re lucky to get around 3% this year. I think many companies are waiting to see what the inflation number looks like for 2022 before calculating the increase budget, but I can’t imagine that increases will be much more than 5% at best — perhaps more in industries that are hurting for workers or worried about people walking away. If that wage increase number is to be believed, it is likely associated with people changing jobs in search of a bigger paycheck or the usual summer flood of new hires from college.
At my local gas station the price of gasoline has dropped from $4.79 per gallon to $3.79 a gallon. That’s a full $1.00 per gallon less. That helps a little. And this is peak driving season with August vacations.
We’re driving from WA to IL on Oct 1 if Brandon and Pelosi don’t get us into a shooting war. I figure with the election less than 40 days away, gas will be more affordable – amazing how that happens!
And it will take a lot to convince me that anything anybody did with the National Petroleum Reserves could possibly have had any such results. No, this is the product of some weapons-grade temporary (because it has to be) market manipulation by clowns in the Biden administration who have belatedly realized that their bright makeup is now visible not just to everyone on Earth, but from the Moon and two of our nearest planets.
Well, the price drop in gasoline allows me to purchase an extra 4 pounds of hamburger each week. That’s important to me.
So we are drowning in 8.5 feet of water instead of 9.1 feet?
No, it went up to 9.4 feet instead of the estimated 9.6 feet
There was nothing to celebrate in the jobs report either, but they did it anyway.
They aren’t stupid but they think most Americans are. They will soon conflate this blip with Dem action on the inflation reduction farce act despite it not even taking effect yet.