As is seemingly always the case, the latest economic data reported under Joe Biden's watch has once again come in worse than expected.
According to CNBC:
The consumer price index increased 0.4% for the month of September, more than the 0.3% Dow Jones estimate, according to the Bureau of Labor Statistics. On a 12-month basis, so-called headline inflation was up 8.2%, off its peak around 9% in June but still hovering near the highest levels since the early 1980s.
Excluding volatile food and energy prices, core CPI accelerated 0.6% against the Dow Jones estimate for a 0.4% increase. Core inflation was up 6.6% from a year ago, the biggest 12-month gain since August 1982.
The report rattled financial markets, with stock market futures plunging and Treasury yields moving up as traders priced in likely more aggressive interest rate hikes ahead from the Federal Reserve.
It's sure looking like Biden's "inflation reduction act" is the "inflation acceleration act" - or at the very minimum, the "inflation preservation act."Inflation WORSE than expected.
— Jacki Kotkiewicz (@jackikotkiewicz) October 13, 2022
Overall CPI: +8.2% y/y
Core CPI: +6.6%
Gas: +18.2%
Fuel Oil: +58.1%
Electricity: +15.5%
Groceries: +13%
Meat, Poultry, & Fish: +7.7%
Milk: +15.2%
Eggs: +30.5%
Baby Food: +11.8%
Airline Fares: +42.9%
Real Average Hourly Earnings: -3%
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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