The latest Consumer Price Index (CPI), for February, was released just before 8:30 AM Eastern. It showed inflation at 7.9 percent higher than last year, and an increase of 0.8 percent over January. Unfortunately, ABC’s Good Morning America and NBC’sTodayThey saw no need to speak of it during their often superficial end-of-hour.
In contrast, CBS Mornings had one minute and 57 seconds on CPI report as part of a three-minute-and-44-second discussion about personal finance and navigating these tough economic times.
Fill-in co-host and White House correspondent Nancy Cordes broke the news to CBS viewers at the onset of their “CBS Money Watch” segment about “how you can save money when gas and food are getting more expensive”:
Just released new inflation statistics. These numbers show that prices were 7.9% higher in February than they were last year. This is more than the January record of 40 years for the U.S. The pump is also seeing prices rise. We all know this by now. Every day, a new record is set. Overnight, the average cost of one gallon regular gasoline was $4.32. AAA reports that it has increased 59 cents over the last week. California drivers pay an average $5.69 per gallon.
Jill Schlesinger was a CBS News Business Analyst. She sounded disapproveful when Cordes reiterated 7.9 percent before she gave her take.
Stating the obvious that “prices are the move,” Schlesinger made the key point that most of the month had gone by “before Russia invaded Ukraine, so we don’t even account for that.”
Adding that it’s “the highest price increases annually since January of 1982,” Then she noted: “terrible” 37 percent gas price increase, however we made sure to mention food prices before stating the facts. “going to get worse”:
The cost of food has risen 7.9 percent The cost of eating at home is 8.6 per cent. The Bureau of Labor Statistics says that’s the highest since 1981. You can feel like all is moving up, when you dig down to see the details.
Cordes offered her observation as a White House reporter, gently pointing to how the administration’s spin hasn’t panned out: “[T]He White House tells us repeatedly that the prices of goods and services will go down. This was prior to the conflict in Ukraine. And when the price of gas goes up, the price of everything goes up.”
Schlesinger replied in the affirmative and made sure to bring up how gas prices affect “[s]hipping and transportation, as well.”
Going forward, Schlesinger predicted “a period where we can pretty clearly see that eight percent and maybe even nine percent inflation is on the horizon, and that things — again, this is predicated on what happens in Ukraine, but we don’t look until the end of the year looking like we get back to more normal inflationary levels.”
Before going onto a section about helping to save money at the grocery store (which could be boiled down to buy more generic brands), fill-in co-host Vladimir Duthiers had a sidebar about the inability of wages to keep up with inflation even though, in throwing a bone to the Biden White House, “the economy is strong” (click “expand”):
DUTHIERS/Jill: The economy is healthy. Last year’s hourly wage increase was 4.7 percentage, but overall wages declined. But if wages aren’t growing —
BURLESON: Mmm
DUTHIERS: — to keep up pace with inflation —
BURLESON: Right.
DUTHIERS: — Americans are going to feel it even more.
SCHLESINGER: Absolutely. You know what? There has been much analysis showing that, even though prices rose last year because of the stimulus and relief measures, most households performed well. This year is going to be different and that means it is incumbent upon us as individuals to actually go and try to get for — get a raise, try to get a bonus. New reports show that job-hopping is a good way to increase your chances of getting a raise. Although it may seem difficult for some people, you should at least try to look and maybe even get a bonus. You might consider working from home for a few days per week, as this will help you save gas money and reduce your commute time.
CBS was reporting on news that affected every American while ABC asked Sandra Oh, actress at AMC about her finale show. The Killing EveNBC had a preview of a special edition Today With Hoda & Jenna New Orleans
Thursday’s bias by omission featured advertisers such as Planet Fitness and Popeye’s. Follow the links to see their contact information at the MRC’s Conservatives Fight Back page.
To see the relevant transcript from March 10’s CBS Mornings, click “expand.”
CBS Mornings
March 10, 2022
Eastern 8:24 AM [TEASE][ON-SCREEN HEADLINE: Inflation Frustration]
NATE BURLESON – We are getting more details this morning on the rising cost of living. Jill Schlesinger will be joining us. She’s joining us. She will share with us strategies that can be used to reduce rising prices. What you can do to pay less for groceries and gas.
(….)
Eastern Time: 8:35 AM
NANCY Cordes: Today’s CBS Money Watch will show you how you can make money even though gas and food prices are rising. Just released are new inflation numbers. These numbers show that prices were 7.9 percentage points higher in February than they were last year. This is more than the January record of 40 years for the U.S. The pump is also seeing prices rise. We all know this by now. Every day, a new record is set. Overnight, the average cost of one gallon regular gasoline was $4.32. AAA reports that it has increased 59 cents over the last week. California drivers pay an average $5.69 per gallon. Jill Schlesinger, a CBS News analyst is here. Jill, Good Morning.
[ON-SCREEN HEADLINE: Breaking News; Inflation Rate Spikes; Inflation Rises by 7.9% in February Compared to Last Year]
JILL SCHLESINGER: Good morning.
CORDES: And you have been speed reading —
SCHLESINGER: Yes.
CORDES: — through this new inflation report, 7.9 percent.
SCHLESINGER: Eeek.
How does CORDES tell us about our future?
SCHLESINGER – It informs us that prices are moving. This actually refers to the time before Russia invaded Ukraine. We don’t account for this. To make it more precise, you mentioned that these prices have seen the largest increases in price annually since 1982. Food prices are also extremely high. We always concentrate on gasoline, which has gone up 38% in the past year. That is horrible. Costs of food up 7.9 percent The cost of eating at home is 8.6 per cent. The Bureau of Labor Statistics says that’s the highest since 1981. It almost feels as if everything is going up when you look at all the numbers.
BURLESON: Mmm.
CORDES: Right.
SCHLESINGER: — and it’s only going to get worse.
CORDES This was even before the conflict in Ukraine.
SCHLESINGER: Yeah.
CORDES – When the gas price goes up, everything will go up.
SCHLESINGER: Absolutely. Transport and shipping are also on the horizon. I think that we are looking at a period where we can pretty clearly see that eight percent and maybe even nine percent inflation is on the horizon, and that things — again, this is predicated on what happens in Ukraine, but we don’t look until the end of the year looking like we get back to more normal inflationary levels.
VLADIMIR DUTHIERS : The economy is healthy, Jill. Last year’s hourly wage increase was 4.7 percentage, but overall wages declined. But if wages aren’t growing —
BURLESON: Mmm
DUTHIERS: — to keep up pace with inflation —
BURLESON: Right.
DUTHIERS: — Americans are going to feel it even more.
SCHLESINGER: Absolutely. You know what? There has been much analysis showing that, even though prices rose last year because of the stimulus and relief measures, most households performed well. This year is going to be different and that means it is incumbent upon us as individuals to actually go and try to get for — get a raise, try to get a bonus. New reports show that job-hopping is a good way to increase your chances of getting a raise. Although it may seem difficult for some people, you should at least try to look and maybe even get a bonus. You might consider working from home for a few days per week, as this will help you save gas money and reduce your commute time.
BURLESON : This might seem like a great way to save some money on the pumps. But what about grocery stores? A trip to the supermarket will cost more if wheat costs are rising. Do you have any suggestions?
SCHLESINGER: Absolutely. You see, as I was researching for this article, I learned that private and generic label branding originated in 1970 when inflation spiked. It is hugely helpful to be able to go generic. Generics account for about 20% of all sales at the grocery store. Naturally, you can buy bulk items and then check the sales. It is possible to carve up some meats and skip the protein. This report shows that the price of meat, poultry, eggs and fish has increased by 13 percent. Many people try to eat meatless Mondays in an effort to save money.
BURLESON: Yeah. Listen, as a son of two parents who worked 9 to 5’s plus overtime and raised four boys, generic branding was the way to go for a long time —
SCHLESINGER: Yep.
BURLESON: — when we were trying to make ends meet.
SCHLESINGER: Absolutely.
BURLESON, We appreciate your kind words.
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