Commentary
Consumer Price Index (CPI) day has been the same for most of the last 12 months. Data comes in and it’s not good. The mainstream media, however, immediately broadcasts the Biden administration spin that inflation is easing so stop worrying about it.
Today, the report is elevated beyond expectations: 0.2 percent for the month and 3 percent over twelve months. That’s 50 percent over the Fed target, meaning that this war is not won. But all immediate top stories announced that inflation is going away.
What’s most frustrating about this is that most people have no clue what these data mean. Many people I know are still waiting for 2019 prices to return. We aren’t even close to that. Even with 12 months of 0 percent inflation, overall prices will still be 17 percent higher than they were 4 years ago….