U.S. Consumer Prices Rise; Core Posts Biggest Gain Since 2008
Source: Bloomberg
The consumer-priceindex rose 0.2 percent from June after a 0.1 percent month-on-month gain the prior month, a Labor Department report showed Friday. That matched the Bloomberg survey median. Excluding food and energy, thecore gauge was also up 0.2 percent, the same as projected. The core measure on a year-over-year basis advanced 2.4 percent, the biggest jump in that measure since September 2008.
<snip>
The results indicate steady consumer demand will sustain inflation, at a time tariffs and counter-levies by the U.S. and nations including China also threaten to lift costs on a range of goods. Sustained progress toward the Fed's goal -- based on its preferred gauge of inflation -- keeps the central bank on track for one or two more rate hikes this year.
The overall CPI gauge rose 2.9 percent in the 12 months through July, matching the survey median, the report showed. Core CPI was projected to advance 2.3 percent on an annual basis.
About 60 percent of the increase in the overall index came from a jump in shelter costs.
Read more: https://finance.yahoo.com/news/u-consumer-prices-rise-july-123001178.html
MAGA under the rule of Don the Con!
Bernardo de La Paz
(49,011 posts)sandensea
(21,639 posts)Dubya claimed 0.1% for the year (!).
Boy, I wish I had known where he was buying his gas, groceries, or getting his insurance, etc.
Everything went up by double digits that year - except of course wages.
CountAllVotes
(20,876 posts)I had no money to buy a car with (good loan was at 16.9%) so I had no car, just a crap job that paid $7.00/hr. which was abolished.
I found work elsewhere but never owned a car until I was in my 20s. My late uncle loaned me the money to buy it with at 6% interest which seemed like a great deal to me but ...
Anyway, finally paid my uncle off in the early 1980s and have never borrowed money to buy a car with since. I guess I learned the hard way about borrowing money (I hate doing it!).
Inflation inflation and the claim is that 60% of this "from a jump in shelter costs". If so, there are a lot more homeless or soon to be homeless folks out there. This is NOT GOOD.
sandensea
(21,639 posts)I'm very fond of Jimmy Carter - but inflation got the best of him, that's for sure (though at least he didn't lie about it, like Rove and the Midland Idiot did).
His appointment of Paul Volcker, though lauded by economists as a bold move (Carter's first Fed chairman, Bill Miller, had been reluctant to raise rates too quickly), probably did more harm than good. I think it was his biggest mistake.
Economists obssess over inflation; but often forget unemployment and other measures of well-being.
That said, it was a little before my time (I was born in the Carter years); but I've certainly heard stories not unlike yours - and about the very difficult first two/three Reagan years as well.
A quick look back:
CountAllVotes
(20,876 posts)I was working in San Francisco at that time. You saw homeless people downtown in the mornings looking for a quarter.
You never saw what we are seeing now -- entire families living in a solitary automobile of some sort.
This is a disaster in the works, especially for those that are carrying a lot of debt.
As for RR, never was fond of him as a President. He was a puke and I learned about pukes from my old Dad. He used to say he never knew one that had a damned thing.
Right he was I always thought.
Vote the damn ticket in November!
sandensea
(21,639 posts)Popular culture always remembers Reagan for the "rosy" 1983-89 period - but forget that a lot of that was thanks to the collapse in oil prices Carter had brought about just before that.
His conservation and output-promotion policies pushed imports down by half - and thus popped OPEC's price bubble. The mid-80s prosperity was a direct result.
Reagan was a much better salesman, of course - a talent he unfortunately used to con people into thinking prosperity can only "trickle down" to them. Basically, radicalizing them.
Dubya was even more shameless about that - to say nothing of Cheeto!
I just pray someone can counter all the vote hacking and flipping that's sure to happen this November.
Bengus81
(6,931 posts)I worked in the housing industry,by late 1982 it had all but collapsed--and where I'm at new homes are affordable. Then he decide to do tinkle down V1.0 when killed basically everything. Aviation here all but shut down, Cessna stopped production on everything EXCEPT those biz jets for the rich.
It took YEARS to slowly recover and it was so bad at one point there were "Lay Reagan Off" bumper stickers here in Kansas.
sandensea
(21,639 posts)Thank you for sharing that.
The media has been very good as painting the Raygun years as one-long Gordon Gecko money fest - but for most Americans it certainly wasn't (especially in his unemployment-plagued first term).
And then, when things did pick up around '84, a lot of the demand was eaten up by imports - thanks largely to his policies.
My guess is that he would have probably not been re-elected had it not been for Grenada.
Thanks again.
NewJeffCT
(56,828 posts)$4.11/gallon at the middle of the year to around $1.72/gallon just before election day
Achilleaze
(15,543 posts)This FAIL is entirely on you and your misleader, Dirty Donny, republican Draft-Dodger-in-Chief.
JCMach1
(27,559 posts)LudwigPastorius
(9,155 posts)The core measure of the Consumer Price Index, which excludes food and fuel, rose 2.4 percent from a year earlier, the biggest advance since September 2008, a Labor Department report showed Friday. From the prior month, both the main CPI index and core rate rose 0.2 percent -- matching expectations.
While shelter costs gave a big boost to the results, steady consumer demand is underpinning inflation just as a trade war threatens to lift costs on a range of goods. Sustained progress toward the Feds goal keeps the central bank on track for one or two more rate hikes this year even as price pressures are a blow to already weak increases in paychecks.
A separate Labor Department report on Friday showed inflation-adjusted wages were unchanged in July from the previous month and dropped 0.2 percent from a year earlier. The lack of much real wage growth has become a contentious issue for Republicans and Democrats heading into midterm congressional elections in November.
Equinox Moon
(6,344 posts)It is like doing my own price check. I will write down about 20-30 items in a notebook and re-check the prices every 2 months.
CabalPowered
(12,690 posts)I'm in manufacturing and nearly all our suppliers have either formally or verbally warned us of coming price increases.
rurallib
(62,426 posts)that will hurt.
PSPS
(13,603 posts)Cryptoad
(8,254 posts)MissMillie
(38,562 posts)This has been going on for more than 50 years.
And it will keep going on until people turn off Faux News.
elmac
(4,642 posts)Last edited Fri Aug 10, 2018, 11:07 PM - Edit history (1)
CountAllVotes
(20,876 posts)Its been a killer since the rates were cut to ZERO forcing many into the stock market that have no business being there like the ill and the infirm even many elderly I can add to this (they are out there!). I wonder have the already poor getting even more poor paying for the latest CON via the Don?