Posted on 01/12/2022 7:02:55 AM PST by John W
WASHINGTON (AP) — Inflation jumped in December at its fastest year-over-year pace in nearly four decades, surging 7% and raising costs for consumers, offsetting recent wage gains and heightening pressure on President Joe Biden and the Federal Reserve to address what is increasingly Americans’ central economic concern.
Prices have spiked during the recovery from the pandemic recession as Americans have ramped up spending on goods such as cars, furniture and appliances. Those increased purchases have clogged ports and warehouses and exacerbated supply shortages of semiconductors and other parts. Gas prices, while declining a bit from November to December, have surged in the past year, in part because Americans have driven more in recent months after having cut back on travel and commuting earlier in the pandemic.
The Labor Department reported Wednesday that excluding volatile food and gas prices, so-called core prices surged 0.6% from November to December, slightly more than the 0.5% increase from October to November. Measured year over year, core prices jumped 5.5% in December, the fastest such increase since 1991.
Rising prices have wiped out the healthy pay increases that many Americans have been receiving, making it harder for households, especially lower-income families, to afford basic expenses. Poll show that inflation has started displacing even the coronavirus as a public concern, making clear the political threat it poses to President Joe Biden and congressional Democrats.
(Excerpt) Read more at apnews.com ...
I had a car LOAN financed at 13%!...................AND WAS GLAD TO GET IT!..............
Stock up on dehydrated foods for long term storage, water, toiletries, BLOAT, etc., FReepers. America cannot sustain 3 more years of this MADNESS.
Poll show that inflation has started displacing even the coronavirus as a public concern, making clear the political threat it poses to President Joe Biden and congressional Democrats.
Remember, this is all our fault. Our politicians are simply humble men trying to do the right thing!!This is our fault-—oh, Trump’s fault too. So do NOT criticize our dear leader.
(/S)
Welcome back Carter.
Double it and that is the actual inflation rate, they have perverted and bastardized the numbers for decades.
I missed the paragraph where joe buffoon shut down our domestic energy resources
Hmmm
There are people in the U.S. doing everything they can to destroy the country, and they are inside the progressive party, and the socialists and communists, and the foreign elements who have successfully infiltrated every level or our governments.
Mostly led by George Soros, who has been trying to undo everything that made this country great. Soros has been trying to destroy this country ever since he was allowed in, and he hated that the U.S. was successful at taking down Germany in WWII, and has been trying to get even since then, and wants to see his destruction happen before he’s finally dead.
Brandon Carter.
Seven percent? Who do they think they’re kidding. If they mean on a monthly basis, then I agree.
I just looked at my grocery purchases from October 11 at Wal Mart. The bill was $58.08. Today, those same items cost $67.85. The biggest shocker was seeing a large bag of dog food jump from $20.98 to $23.48.
Jimmy Carter 2.0 this time with Altimerz!
Yes, and in 1982, the inflation was a bounce back from artificially low prices due to Carter’s price controls.
Take the official inflation number and multiply by four and you get the real increase. So we’re looking at 28% for the year. Sounds about right from what I’ve seen.
You need to lower your expectations.
My box truck loan was 16% in the early ‘80’s.
Today the interest rates are still low, but finding one that isn’t an arm and a leg (if you can get it at all) is the trick.
I’ve had mortgages at 10-12%. Fun, fun, fun!!!
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