The United States is facing high inflation despite the Federal Reserve’s and mainstream media’s repeated claims that the loss in purchasing power is temporary. The US Bureau of Labor Statistics released July consumer metrics and producer metrics last week. Inflation is rising.
CPI statistics for July show a 5.4% increase in producer prices, and a 7.8% jump in producer prices.
As Americans experience stagflation revival, President Joe Biden has been likened to Jimmy Carter. The Carter administration was marked by slow economic growth in America and large numbers of unemployed. The 2020 Covid-19 lockdowns and government mandates made economic growth and unemployment numbers look even worse in 2021.
Looks like consumers don’t want to buy temporary BS from Fed. https://t.co/WiGReLiUBa
– Sven Henrich (@NorthmanTrader) August 13, 2021
This week The dataAccording to the United States Bureau of Labor Statistics (USBS), the Consumer Price Index (CPI), jumped to 5.4% in the last month. This is the highest CPI reading since 2008, and it’s worse that the United States saw a record 7.8% rise in producer prices. After the US Federal Reserve inflated the money supply more than any other time in history, consumer prices have been a concern since then.
Jerome Powell, Chairman of the Federal Reserve Not notedThe central bank stated in April that it believes that the inflation problem can be solved quickly. Powell said that “the nature and purpose of a bottleneck is that they will be removed.” Powell and his colleagues at central bank have repeatedly stated that current inflation is temporary and won’t last. Powell also said that he did not believe that manufacturers would raise prices for Mainstreet consumers. Powell said, “We believe producers are reluctant to pass on these prices to consumers.”
In July, export prices increased 1.3%. They are up 17.2% YOY. The annual increase for 2021 was 13.5%, which is shockingly 23%. It is probable that the prices for goods that we don’t export have increased by an equal percentage. 23% is a more accurate measure of #inflationIt’s worse than the CPI. It’s worse than the 1970s!
– Peter Schiff, @PeterSchiff August 13, 2021
The August 2021 IPC ReportInflation is on the rise for almost everything, according to data. Rents and real property prices have both increased. There were a lot of bubbles blownThe hotel and motel index rose 6.8% in July and gasoline rose 2.4%. Even though the USDA has not yet released any data, grocery prices are rising. BelieveFood inflation could slow down in 2022. Airfare prices rose 19%, household appliance costs jumped 12.3%, and used cars prices climbed 41%
Paul Krugman rejects inflation, Biden administration blames OPEC. Americans feel another round lockdowns
Paul Krugman via The New York Times, is of course. Tell peoplenot be “inflation anxious”. The Biden administration also Inflation is being caused by the Organization of the Petroleum Exporting Countries. The Biden administration blames the gloomy economic situation on oil prices. Biden claims he sent a message to OPEC. “We have also made it clear to OPEC… that production cuts made during the pandemic should be reversed as… the global economy recovers, in order to lower prices for consumers.”
While Biden blames oil prices, Americans are facing a media frenzy regarding Covid-19, and its various variants. The first stages are now complete. Resurfaced startsConcerned by these new variants.
Unexpectedly, August’s consumer sentiment plunged to 70.2, from 81.2 in July. It was expected to rise to 81.4 The financial media accuse #DeltaVariant. This decline is likely to be caused by the persistent and significant increase in real consumer prices. This is #inflationIt is stupid.
– Peter Schiff, @PeterSchiff August 13, 2021
The Biden administration ended July. revealedDespite the threats, the White House is ready and able to return to containment. The dataIt is clear that the foreclosure tactics were harmful. Another round in lockdowns could lead to the US economy sinking deeper into debt. Jen Psaki, White House press Secretary, told media that the administration wants to have a “long term engagement” with OPEC.
What did you think of July’s huge jump in the consumer prices index and the subsequent rise in producer price? Let us know what your opinion is in the comments below.
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