Higher Inflation Sticks Around for the Holidays

[Vambram]

Higher Inflation Sticks Around for the Holidays

Higher Inflation Sticks Around for the Holidays

Inflation remains elevated despite a brief dip, according to October's Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The

washingtonstand.com

Inflation remains elevated despite a brief dip, according to October’s Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The topline numbers — a 0.0% increase from September and a 3.2% increase from a year earlier — masks the true toll inflation has taken on American families. In fact, it’s entirely possible that, due to rising coal prices, naughty children can now expect Santa to leave Bidenomics in their stockings this Christmas.

“Prices remain stubbornly high, and well above the Federal Reserve’s 2% target,” Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday on the Senate floor. “Cumulative inflation since the president took office now clocks in at 17.6%. Even as the rate prices are growing, working Americans are growing more frustrated with an expensive new normal.”

Underneath the topline numbers, the CPI report indicated that inflation does indeed remain elevated. The flatline result for the month of October largely reflected falling gas prices, which fell by 5.0% from September after rising by more than 10% in August. But prices continued to rise for electric (0.3%) and gas bills (1.2%), as well as food (0.3%) in October. Prices also rose for medical care (0.3%), shelter (0.3%), and transportation (0.8%). Excluding the more volatile categories of food and energy, the report indicates that prices for all other items rose 0.2% in October and 4.0% over the past year.

While down from last year’s gut-punching figures, those numbers are still up on the housetop.

Inflation remains a source of frustration for most Americans, whose wages simply haven’t kept up. “Unfortunately, what we continue to see is that Americans are getting poorer because we are seeing prices rise faster than earnings,” said Heritage Foundation Research Fellow E.J. Antoni on “Washington Watch.” “All in all, the typical American family today is about $7,400 poorer than when Biden took office.”

 

[rambot]

And how would republicans fix this? My guess? Another Hillary investigation

 

[AlexB23]

Higher Inflation Sticks Around for the Holidays

Higher Inflation Sticks Around for the Holidays

Inflation remains elevated despite a brief dip, according to October's Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The

washingtonstand.com

Inflation remains elevated despite a brief dip, according to October’s Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The topline numbers — a 0.0% increase from September and a 3.2% increase from a year earlier — masks the true toll inflation has taken on American families. In fact, it’s entirely possible that, due to rising coal prices, naughty children can now expect Santa to leave Bidenomics in their stockings this Christmas.

“Prices remain stubbornly high, and well above the Federal Reserve’s 2% target,” Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday on the Senate floor. “Cumulative inflation since the president took office now clocks in at 17.6%. Even as the rate prices are growing, working Americans are growing more frustrated with an expensive new normal.”

Underneath the topline numbers, the CPI report indicated that inflation does indeed remain elevated. The flatline result for the month of October largely reflected falling gas prices, which fell by 5.0% from September after rising by more than 10% in August. But prices continued to rise for electric (0.3%) and gas bills (1.2%), as well as food (0.3%) in October. Prices also rose for medical care (0.3%), shelter (0.3%), and transportation (0.8%). Excluding the more volatile categories of food and energy, the report indicates that prices for all other items rose 0.2% in October and 4.0% over the past year.

While down from last year’s gut-punching figures, those numbers are still up on the housetop.

Inflation remains a source of frustration for most Americans, whose wages simply haven’t kept up. “Unfortunately, what we continue to see is that Americans are getting poorer because we are seeing prices rise faster than earnings,” said Heritage Foundation Research Fellow E.J. Antoni on “Washington Watch.” “All in all, the typical American family today is about $7,400 poorer than when Biden took office.”

This stuff pales in comparison to what is happening in other countries. No big deal. We can not control our economy or corporate greed, let's move on to something of substance, such as how CEO pay is nearly 350x that of an average worker as of 2022.

https://www.commondreams.org/media-library/image.png?id=45121035&width=744&quality=80

 

[Vambram]

Although extremely high CEO pay is indeed a problem worth debating, and also one in which I could find some agreement with some liberals, there are also other examples of people making millions upon millions of more dollars than the vast majority of American workers. I am talking about professional athletes, Hollywood entertainers, and also the big time musicians. However, I do not believe that excessive wealth from CEOs, and also from the celebrities causes economic inflation to the point where inflation rises faster than a nation's GDP.

 

[NxNW]

Always nice to read some Republican propaganda disguised as economic news.

 

[Vambram]

Would you care to refute the facts in that article?

 

[AlexB23]

Although extremely high CEO pay is indeed a problem worth debating, and also one in which I could find some agreement with some liberals, there are also other examples of people making millions upon millions of more dollars than the vast majority of American workers. I am talking about professional athletes, Hollywood entertainers, and also the big time musicians. However, I do not believe that excessive wealth from CEOs, and also from the celebrities causes economic inflation to the point where inflation rises faster than a nation's GDP.

Yes, the professional athletes, Hollywood entertainers, and also the big time musicians are greedy also. But inflation is a mild problem compared to stuff going on in most nations outside the US. American capitalism is the issue here. Good day.

How about propose a wealth cap of $999,999,999 ($999M) per individual? No one can become a billionaire.

 

[rambot]

Yes, the professional athletes, Hollywood entertainers, and also the big time musicians are greedy also. But inflation is a mild problem compared to stuff going on in most nations outside the US. American capitalism is the issue here. Good day.

How about propose a wealth cap of $999,999,999 ($999M) per individual? No one can become a billionaire.

Ytyyyyyup!

 

[AlexB23]

Ytyyyyyup!

It is good that we agree bro.

 

[rambot]

It is good that we agree bro.

It's really just a no brainer. Put excess into public investments and funds. But INTELLIGENT, forward thinking investments not just companies that are local sunset industries (it's happenng in my province though not quite as dramatic as "sunset"...)

 

[AlexB23]

It's really just a no brainer. Put excess into public investments and funds. But INTELLIGENT, forward thinking investments not just companies that are local sunset industries (it's happenng in my province though not quite as dramatic as "sunset"...)

I agree, such as investing in cheaper energy, such as recyclable wind turbines, as most wind turbines have blades that end up in landfills. Siemens has been working on a wind turbine which has blades made from a recyclable composite. Ahh, the Germans and their innovation. Plus, German chocolate is good also, same with the smooth German highways. I buy the Schogetten brand from Aldi via self checkout.

Siemens wind turbine: Siemens Gamesa launches recyclable wind turbine blades - a 'milestone' in renewable energy

 

[Vambram]

It's really just a no brainer. Put excess into public investments and funds. But INTELLIGENT, forward thinking investments not just companies that are local sunset industries (it's happenng in my province though not quite as dramatic as "sunset"...)

Really not a bad idea. However, whom would be responsible for where that money would be invested, and also, what would be the best way to make sure that the investments are done responsibly with as little corruption and waste as possible?

 

[rambot]

Really not a bad idea. However, whom would be responsible for where that money would be invested, and also, what would be the best way to make sure that the investments are done responsibly with as little corruption and waste as possible?

I would imagine that the ultimate decision makers could easily voted in. Have threshold necessitating different levels of citizen involvement/direct accountability. All funds available on easy to access websites.\

I dunno....I'm REALLy not an economist in any way. I have other strengths....

 

[Pommer]

Higher Inflation Sticks Around for the Holidays

Higher Inflation Sticks Around for the Holidays

Inflation remains elevated despite a brief dip, according to October's Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The

washingtonstand.com

Inflation remains elevated despite a brief dip, according to October’s Consumer Price Index (CPI), released Tuesday by the Bureau of Labor Statistics (BLS). The topline numbers — a 0.0% increase from September and a 3.2% increase from a year earlier — masks the true toll inflation has taken on American families. In fact, it’s entirely possible that, due to rising coal prices, naughty children can now expect Santa to leave Bidenomics in their stockings this Christmas.

“Prices remain stubbornly high, and well above the Federal Reserve’s 2% target,” Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday on the Senate floor. “Cumulative inflation since the president took office now clocks in at 17.6%. Even as the rate prices are growing, working Americans are growing more frustrated with an expensive new normal.”

Underneath the topline numbers, the CPI report indicated that inflation does indeed remain elevated. The flatline result for the month of October largely reflected falling gas prices, which fell by 5.0% from September after rising by more than 10% in August. But prices continued to rise for electric (0.3%) and gas bills (1.2%), as well as food (0.3%) in October. Prices also rose for medical care (0.3%), shelter (0.3%), and transportation (0.8%). Excluding the more volatile categories of food and energy, the report indicates that prices for all other items rose 0.2% in October and 4.0% over the past year.

While down from last year’s gut-punching figures, those numbers are still up on the housetop.

Inflation remains a source of frustration for most Americans, whose wages simply haven’t kept up. “Unfortunately, what we continue to see is that Americans are getting poorer because we are seeing prices rise faster than earnings,” said Heritage Foundation Research Fellow E.J. Antoni on “Washington Watch.” “All in all, the typical American family today is about $7,400 poorer than when Biden took office.”

“Prices remain high”? When have you ever known prices to come down?
The entirety of the Federal Reserve is dedicated to the proposition that prices never “go down”, except by natural market forces.
If you think inflation is bad, deflation is like its meaner, dumber cousin.

 

[Gene2memE]

Core inflation was down again, falling from 4.15% in September to 4.03% in October.

The long term average is 3.68%, so core inflation really only needs to fall by 35 basis points to get back 'normal'.

US economic activity is expected to slow through to about the end of 1Q2024. That will likely cool inflation more (but expect the wailing to start about 'slow growth' as soon as it does).

The major problem in the US remains the very tight labour market. Wage expectations are substantially elevated compared to 'normal' - depending on the index by up to 15% - and this is helping to keep business costs high.

This is being passed on to consumer, and then a little bit extra. Operating earnings at the S&P 500 firms are up 17.1% on last year - or more than 4x what core inflation is now averaging.

S&P500 operating margins have jumped just under 30% compared to the average for the 2018/2019 period. In other words, the company that used to make 10 cents on the dollar in profit is now making 13 cents on the dollar.

 

[Laodicean60]

And how would republicans fix this? My guess? Another Hillary investigation

Why make this political? We are all living through this and the WHOLE government and most citizens are ignorant about fiscal and monetary policies.

 

[Laodicean60]

Core inflation was down again, falling from 4.15% in September to 4.03% in October.

The long term average is 3.68%, so core inflation really only needs to fall by 35 basis points to get back 'normal'.

US economic activity is expected to slow through to about the end of 1Q2024. That will likely cool inflation more (but expect the wailing to start about 'slow growth' as soon as it does).

The major problem in the US remains the very tight labour market. Wage expectations are substantially elevated compared to 'normal' - depending on the index by up to 15% - and this is helping to keep business costs high.

This is being passed on to consumer, and then a little bit extra. Operating earnings at the S&P 500 firms are up 17.1% on last year - or more than 4x what core inflation is now averaging.

S&P500 operating margins have jumped just under 30% compared to the average for the 2018/2019 period. In other words, the company that used to make 10 cents on the dollar in profit is now making 13 cents on the dollar.

So true. I think we need to watch oil prices in the coming months demand has been low which is showing an economic slowdown. Unless we have a geopolitical event in a major oil producer country. Some are saying sticky inflation or stagflation. The prediction for recession is mid to late 2024. Peace

 

[JustOneWay]

Why make this political?

This is the politics forum, not the Kum by ya forum.

 

[JustOneWay]

What caused the U.S. pandemic-era inflation?​

What caused the U.S. pandemic-era inflation? | Brookings

Ben Bernanke, Distinguished Senior Fellow at the Hutchins Center at Brookings, and Olivier Blanchard, Senior Fellow at the Peterson Institute for International Economics, answer a timely question: What caused the increase in U.S. inflation during and after the COVID-19 pandemic?

www.brookings.edu

In fact, most of the rise in inflation in 2021 and 2022 was driven by developments that directly raised prices rather than wages, including sharp increases in global commodity prices and sectoral price spikes driven by a combination of pandemic-induced kinks in supply chains and a huge shift in demand during the pandemic to goods from services.

 

[KCfromNC]

Always nice to read some Republican propaganda disguised as economic news.

Yep, it is pretty telling that data showing inflation is easing are surrounded by quotes from various GOP propaganda sources telling the credulous what to believe despite that data.