October 13, 2022
Core Inflation Reaches New 40-Year High
Inflation, fueled by reckless government spending, outpaced expectations in September. Overall consumer prices rose 8.2% year over year, and core prices — which excludes food and energy — increased 6.6%.
Wall Street Journal: U.S. consumer inflation excluding energy and food accelerated to a new four-decade high in September as prices continued to surge, a sign that persistent cost increases are becoming entrenched in the economy.
The Labor Department on Thursday said that the so-called core measure of the consumer price index—which excludes volatile energy and food prices—gained 6.6% in September from a year earlier, up from 6.3% in August. That marked the biggest increase since August 1982.
On a monthly basis, the core CPI rose 0.6% in September, the same as in August, and up from 0.3% in July. Investors and policy makers follow core inflation closely as a reflection of broad, underlying inflation and as a predictor of future inflation.
Inflation is driven by soaring costs for essentials such as food, energy and housing. The cost of food is up 11.2% from one year ago, and housing costs are up 6.6%. The overall energy index increased 19.8% over the previous 12 months.
Annual inflation via BLS just out:
42.9% airline fares
33.1% utility gas
30.5% eggs
18.2% gasoline
17.2% chicken
15.7% coffee
15.2% milk
14.7% bread
10.1% furniture
9.2% vegetables
8.2% all items
8.2% fruit
8.1% ham
7.6% women apparel
7.2% used cars
6.7% rent
3.7% men apparel— Ryan Struyk (@ryanstruyk) October 13, 2022
Worse, inflation is outpacing wage gains, effectively giving Americans a pay cut.
Bottom Line: Democrats in Washington fueled inflation by recklessly spending trillions of dollars. Now Americans are paying more for almost everything.