Inflation numbers for July 2022 have been released. They are a staggering 8.5 percent annually. That’s down slightly from June’s 9.1%, which looks to have been the peak in Joe Biden’s inflationary boom.
While most people wouldn’t be shocked to see an 8.5% increase in prices over last year, the media is busy throwing parties.
Holy cow! There was ZERO inflation during the month of September. The headline number is -0.2%, far below the expectations.
A good reading for core inflation: +0.3%. This is also lower than the expectations of 0.5%.
There is some encouraging news regarding inflation. Most likely, we’ve seen inflation at its highest point.
— Justin Wolfers (@JustinWolfers) August 10, 2022
Consumers in America experienced significant inflation relief during July.
— Neil Irwin (@Neil_Irwin) August 10, 2022
It’s just incredible to watch the mainstream media try to constantly spin any news as great news when a Democrat is in the White House. Do you think it is better that inflation has slowed down or continues to climb? Sure, that’s “good” news. But when an administration runs inflation up to 9.1 percent, you don’t get to celebrate when things escalate so high that they have no choice but to come down.
They also don’t get to abscond from the fact that inflation was already high in July 2021, clocking in at 5.4 percent. We have an increase of 8.5% on top of the increase by 5.4% a year ago. This is a significant increase in real dollars for American families, compared with before Biden became president.
This is the result of a decrease in growth.
Prices have risen over the last year
Oil: 75.6%
Gasoline: +44%
Gas utilities: +30.5%
Electricity: +15.2%
Food at home: +33%
Cars for sale: New vehicles: +10.3%
The overall CPI is +8.5%— unusual_whales (@unusual_whales) August 10, 2022
Here’s the reality of the situation. It was inevitable that inflation would slow down eventually. Although it could not rise indefinitely, the White House predicted that it would rise for a longer time than expected. That it’s now going down is no more a victory than gas going from $5 a gallon to $4 a gallon. Where you started matters, and inflation remains sky high compared to the beginning of Biden’s term.
It is still a way off before we can celebrate. The White House and press trying to make a triumphant lap about the latest inflation report shows just how out of touch they really are.
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