Posted on 02/25/2022 6:38:03 AM PST by Oldeconomybuyer
WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine.
The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier.
Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades — a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent.
At the same time, consumers as a whole largely shrugged off the higher prices last month and boosted their spending 2.1% from December to January, Friday’s report said, an encouraging sign for the economy and the job market. That was a sharp improvement from December, when spending fell. Americans across the income scale have been receiving pay raises and have amassed more savings than they had before the pandemic struck two years ago. That expanded pool of savings provides fuel for future spending.
(Excerpt) Read more at apnews.com ...
Darn you, Putin.
Multiply by 2 for accuracy
Excuse me …. Multiply by 10 for greater accuracy
Gas up here today. Regular baking soda Wal-Mart up 15% at least
Exactly. Lots of fluff folded into the system since 1982.
No a single word about excessive government spending or the Fed's money printing.
Another example of news outlets trying to manipulate opinion.
People are losing their fear over inflation just like they lost their fear of Covid.
They grumble but life goes on. Is traffic noticeably lighter where you are? It’s seems exactly the same here. Driving habits don’t seem to have changed despite the fuel prices. The four-wheel drive bunch is still burning gas on their trails, which is not necessary driving, just recreation.
The mood among people here is good actually, looking forward to spring, making plans for summer, etc.
Already shifting the blame for inflation to the “war” in Ukraine.
Traffic down here.
Prices up here
Customer store traffic down
Cars absent at Wal-Mart this morning.
Interesting, it’s the opposite here. Bars doing a lot of business, I can tell from the parking lots. Everything popping here. I’m in very red western Colorado.
If they’re admitting to that number, guaranteed that the real number is at least 50% higher. We’re no different than the Chinese in lying about the state of our economy...just a bit more sophisticated, that’s all.
Anyone who understands how easy it is to manipulate statistics knows this to be true. We are near the tail end of the biggest Ponzi scheme every created - and we’ll be lucky if the inevitable implosion of the US economy doesn’t set off World War 3 someday. But not yet...and this Ukraine thing isn’t what’s going to start it, either; it is just a diversion from Biden’s and the Dems’ multiple failures.
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