No, inflation is not going down and everything remains prohibitively expensive. Prices will never be what they once were.
Here are three stats on the train wreck we call the American dollar.
1) Wholesale Prices Jumped "More Than Expected" Last Month (Again)
Wholesale prices jumped more than expected in April, putting up another potential roadblock to interest rate cuts anytime soon.
The producer price index, a gauge of prices received at the wholesale level, increased 0.5% for the month, higher than the 0.3% Dow Jones estimate, the Labor Department's Bureau of Labor Statistics reported
2) Year-Over-Year Inflation Was Higher Than Expected For The 37th Month In a Row
Year-over-year, "wholesale inflation rose 2.2%, also the highest in a year," while CPI inflation was at 3.4%.
Some context:
This has been going on for a long time. We've been writing about it for literal years now.
For those who want multiple sources, you've got 'em: The Consumer Price Index "has had higher-than-expected gains through the first part of 2024, fueling fears that inflation is stickier than economists and policymakers had expected," while the Fed's favored Commerce Department indicator "has been running hot and showing inflation running just shy of 3%."
Meanwhile, the New York Federal Reserve's monthly survey this week "showed the one-year inflation outlook at 3.3%, the highest since November."
Of course, our economic overlords are really trying to spin this as a positive development:
Despite the seemingly hotter inflation reading, Federal Reserve Chair Jerome Powell called the report "actually quite mixed."
'The headline numbers were higher, but they were backward revisions,' Powell told a bankers group in Amsterdam. 'We're, of course, disassembling it taking it apart and looking at it.'
3) A Full Fifth of Your Purchasing Power Has Vanished Since Joe Biden took office.
Meanwhile, Joe Biden keeps claiming inflation was at 9% when he took office.
Anyway, it won't be long now until our money is worth half what it once was and we'll need to double our salaries just to keep our families alive.
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