The Consumer Price Index (CPI) rose 8.2% between September 2021 and September 2022, according to a report from the Bureau of Labor Statistics released on Thursday. The rise came despite swift action from the Federal Reserve to prevent it from happening.
Core inflation, which factors out the more volatile food and energy categories, reached 0.6% against an estimate of 0.4%. Energy costs fell in some categories but a 0.8% surge in food prices and a 0.7% increase in shelter prices contributed to the headline number.
Inflation WORSE than expected.
Overall CPI: +8.2% y/y
Core CPI: +6.6%
Gas: +18.2%
Fuel Oil: +58.1%
Electricity: +15.5%
Groceries: +13%
Meat, Poultry, & Fish: +7.7%
Milk: +15.2%
Eggs: +30.5%
Baby Food: +11.8%
Airline Fares: +42.9%
Real Average Hourly Earnings: -3%— Jacki Kotkiewicz (@jackikotkiewicz) October 13, 2022
With trading beginning on Thursday, the Dow Jones fell 1.7% along with the Nasdaq and the S&P 500 which fell 3% and 2.2%, respectively.
“Given elevated costs for food, home heating, and health care, the budgets of many may remain constrained next year,” Bankrate senior economic analyst Mark Hamrick said in a statement provided to The Daily Wire.
“The Federal Reserve continues to see a bright green light with respect to future interest rate increases,” Hamrick continued. “Based on the latest snapshots of inflation, they believe the target range for the federal funds rate must go higher from here. There’s no pivot yet in sight, only a push to higher ground.”
“The inflation picture is now essentially set ahead of midterm elections,” Hamrick concluded. “If looked at exclusively, which broadly it is not, the news isn’t helpful for Democrats controlling Congress.”
The bad reports continue to pile up despite the Biden administration downplaying the negative economy. As Hamrick said, these reports are certainly not helpful for Democrats in the midterms.
Two months ago, Biden deployed monthly CPI data to claim inflation was zero, while ignoring year-over-year data. Today they will invoke year-over-year data to claim it is falling even while ignoring dreadful monthly data. This is how propaganda works.
— Jeffrey A Tucker (@jeffreyatucker) October 13, 2022
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