CNN is so happy inflation only rose 8.5% in the past 12 months, down from the 9.1% in June.
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:
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?
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:
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:
Other big jumps in the last 12 months:
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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