Bidenflation Unexpectedly Accelerated in August to Fastest Pace in Over 30 Years:
Inflation unexpectedly accelerated in August, as shortages of a wide range of consumer goods and services drove up prices.
The Personal Consumption Price Index for August increased 4.3 percent from one year ago, reflecting increases in the prices paid by consumers for both goods and services, Commerce Department data showed Friday. That is the fastest pace of inflation since January 1991.
Energy prices increased 24.9 percent from the depressed levels of a year ago. Food prices jumped 2.8 percent.
Core PCE prices, excluding food and energy, rose 3.6 percent compared with a year ago. That is also the fastest pace since 1991. --->READ MORE HERE
Inflation Confirmed at Highest Level in 40 Years:
The U.S. economy was hit by more inflation from April through June than any time since 1982, the Commerce Department said Thursday, confirming the figure revealed in earlier estimates of second-quarter inflation.
The Personal Consumption Expenditures price index rose at a seasonally adjusted annualized rate of 6.5 percent in the second quarter. Excluding the volatile but extremely important categories of food and energy, prices rose 5.8 percent, the most in 38 years.
The PCE price index is the Federal Reserve’s preferred measure of inflation, in part because it allows for substitutions of goods when prices change and so it is thought to better track prices paid by consumers. It is put together by the Commerce Department, while the Consumer Price Index and the Producer Price Index are products of the labor department.
The overall economy expanded at a 6.7 percent annual pace, one-tenth above the estimate released one month ago and two-tenths above the initial estimate of second-quarter growth. --->READ MORE HERE
Biden Economist Admits U.S. Could Experience Elevated Inflation Through Mid-2022:
A Biden administration Member of the Council of Economic Advisers admits that the United States could experience higher-than-normal inflation well into the next year.
Fox Business reports:
Jared Bernstein told FOX Business he sees inflation ending around 4% this year but settling back down to 2.3% in 2022. The catch: He cannot say when that will happen and believes we might see elevated inflation into the middle of next year.
For Bernstein, the number-one issue causing prices to rise is the supply chain disruptions that have plagued businesses. He believes once that sorts itself out, inflation will subside. Bernstein adds the supply chain issues seem to be more troublesome than first thought and are taking longer than anticipated. --->READ MORE HERE
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