Thelatest inflation print is in – and there’s no sign of relief to be seen.
Inflation just hit a NEW 40-year high.
Overall CPI: +8.6% since last year
Gas: +48.7%
Fuel Oil: +106.7%
Meat, Poultry, & Fish: +13.1%
Milk: +15.9%
Eggs: +32.2%
Coffee: +15.3%
Used Cars: +16.1%
Airline Fares: +37.8%
Real Average Hourly Earnings: -3%— Jacki Kotkiewicz (@jackikotkiewicz) June 10, 2022
According to CNBC:
The consumer price index rose 8.6% in May from a year ago, the highest increase since December 1981. Core inflation excluding food and energy rose 6%. Both were higher than expected. Surging food, gas and energy prices all contributed to the gain, with fuel oil up 106.7% over the past year.
The rise in inflation meant workers lost more ground in May, with real wages declining 0.6% from April and 3% on a 12-month basis.
On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared to respective estimates of 0.7% and 0.5%.
Some of the biggest increases came in airfares (up 12.6% on the month), used cars and trucks (1.8%), and dairy products (2.9%). The vehicle costs had been considered a bellwether of the inflation surge and had been falling for the past three months, so the increase is a potentially ominous sign, as used vehicle prices are now up 16.1% over the past year. New vehicle prices rose 1% in May.
After previously claiming that inflation would merely be transitory, Treasury Secretary Janet Yellen has finally admitted she was wrong, and says that high inflation is here to stay. With Biden in charge, there’s little doubt she’s right this time.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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