THE BEST ECONOMIC RECOVERY IN HISTORY!
Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, so-called core CPI was up 6%, slightly higher than the 5.9% estimate.
On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared to respective estimates of 0.7% and 0.5%.
A few ways things have gotten more expensive in JUST the last month:
- Energy prices are up 3.9% (up 34.6% this year)
- Fuel oil went up 16.9%
- Shelter costs are up 0.6%, the fastest rise since March 2004 (5.5% over the last year, the fastest rise since 1991)
- Food costs went up 1.2% (10.1% in the last year)
- Milk and dairy are up 2.9%
- Airfare went up 12.6%
- Used cars went up 1.8%
Your paycheck is also worth 0.6% less than it was, and that only accounts for inflation through April.
Also, check this out:
Markets reacted negatively to the report, with stock futures indicating a sharply lower open on Wall Street and government bond yields rising.
"It's hard to look at May's inflation data and not be disappointed," said Morning Consult chief economist John Leer. "We're just not yet seeing any signs that we're in the clear."
And thanks to the big government weenies who have created a train wreck by locking things down, killing the American energy industry, disincentivizing work, and printing tons of cash, we're not gonna be in the clear for a loooooong time.
The inflation report comes with the Federal Reserve in the early stages of a rate-hiking campaign to slow growth and bring down prices. May's report likely solidifies the likelihood of multiple 50 basis point interest rate increases ahead.
"Obviously, nothing is good in this report," said Julian Brigden, president of MI2 Partners, a global macroeconomic research firm. "There is nothing in there that's going to give the Fed any cheer. ... I struggle to see how the Fed can back off."
Take it away, Joe 👇
P.S. Now check out our latest video 👇
