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US Inflation Jumped 8.5% in Past Year, Highest Since 1981

Moon

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.
 

AGENT J

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.

Yes the world is hurting over inflation because of a pandemic and war, hopeful it ends and comes down soon rather than later


Turkey 61.14%
Argentina 52.3%
Russia 16.7%
Brazil 11.3%
Spain 9.8%
Netherlands 9.7%
United States 8.5%
Euro Area 7.5%
Mexico 7.45%
Germany 7.3%
India 6.95 %
Italy 6.7 %
United Kingdom 6.2%
Canada 5.7%
South Africa 5.7 %
 

jonny5

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Well the good news is election in 6 months. If the democrats lose the majority, then we can at least have some obstruction again to keep all this new spending from going forward. Biden just proposed another 10 trillion in debt so that needs to be stopped.
 

ElChupacabra

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.
Not at all. What won't help is the fact there doesn't seem to be a quick end to the Ukraine conflict so all of the oil sanctions aren't going to help the inflation driven by high oil prices; that has far reaching consequences and exacerbates the other issues impacting inflation.
 

ttwtt78640

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Yes the world is hurting over inflation because of a pandemic and war, hopeful it ends and comes down soon rather than later


Turkey 61.14%
Argentina 52.3%
Russia 16.7%
Brazil 11.3%
Spain 9.8%
Netherlands 9.7%
United States 8.5%
Euro Area 7.5%
Mexico 7.45%
Germany 7.3%
India 6.95 %
Italy 6.7 %
United Kingdom 6.2%
Canada 5.7%
South Africa 5.7 %

What is the source (and method of determining) those international inflation values? The US inflation value changes monthly (it just went from 7.9% to 8.5%) - is that true of those other nation‘s (and regions)?
 

AGENT J

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What is the source (and method of determining) those international inflation values? The US inflation value changes monthly (it just went from 7.9% to 8.5%) - is that true of those other nation‘s (and regions)?
dont know, heres the source
 

Callen

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Was anyone expecting anything different? Inflation is rampant worldwide. It is not particular to a country or a government. However, sitting governments will pay the price, it's how politics work. The Dems will pay in November, it's inevitable.
 

ttwtt78640

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dont know, heres the source

Thank you. It is often very difficult to compare international statistical values since they are often calculated in significantly different ways. The US CPI uses a fictitious “basket of goods” which assigns (arbitrary?) ‘weights’ to the prices of various items.

For several years, there has been some controversy about whether the CPI overstates or understates inflation, how it is measured, and whether it is an appropriate proxy for inflation.


Over the years, the methodology used to calculate the CPI has undergone numerous revisions. According to the BLS, the changes removed the supposed biases that caused the CPI to overstate the inflation rate in the past. The newer methodology takes into account changes in the quality of goods and substitution. Substitution, the change in purchases by consumers in response to price changes, changes the relative weighting of the goods in the basket.


The overall result tends to be a lower CPI. However, critics view the methodological changes and the switch from a Cost-of-Goods Index (COGI) to a Cost-of-Living Index (COLI) as a purposeful manipulation that allows the U.S. government to report a lower CPI. Today, critics of the CPI argue that the understated inflation metric does not capture the true rise in prices felt by consumers.

 

CaughtInThe

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i'm glad we're the only country battling inflation. it would suck if a lot of the world was too.
 

AGENT J

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Thank you. It is often very difficult to compare international statistical values since they are often calculated in significantly different ways.
Welcome, the only point of my post was to point out this is not just a US issue.
 

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.


This is exactly what happens when you put a person in office and others in power over a private sector economy that has no private sector experience or understanding of what happens when you throw gasoline on to a fire in the form of taxpayer funded stimulus that went to a returning job market and recovering economy. That spending boosted demand and spending while not addressing supply.
 

ttwtt78640

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Welcome, the only point of my post was to point out this is not just a US issue.

Agreed, international trade (thus interdependence) makes it unlikely that the impact of local (to a single nation or region) economic changes would remain so.
 

NatMorton

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Headline graph from the WSJ just now. The gray bars are the recessions. Notice how they frequently align with the inflation peaks?

Buckle up, folks.

1649771901664.png
 

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.
inflation is a worldwide phenomenon and gas prices are falling as we speak.
 

Gateman_Wen

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Headline graph from the WSJ just now. The gray bars are the recessions. Notice how they frequently align with the inflation peaks?

Buckle up, folks.

View attachment 67385205
Oh My Gosh are you saying the economy peaks and valleys on a regular basis?

Who Knew!?!?!?!?
 

Common Sense 1

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And the working class is losing buying power each month because inflation is rising faster than wages.

Strange when people say gas is down a few cents when we are paying over a dollar more a gallon than just a short time ago.
 

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terrible news but inflation is that part of vibrant capitalist economies......

what's crazy imo is why not keep the prices down.....lower prices means sustained incomes.....over the long run.....and in the end more wealth for all
 

jmotivator

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Agreed, international trade (thus interdependence) makes it unlikely that the impact of local (to a single nation or region) economic changes would remain so.

Well sure, but the comparison offerered isn't necessarily illustrative of the problem in the US.

For one, the US Dollar is the default currency for international trade, so US Dollar Inflation would bleed outward into international trade, but not really in reverse.

To that point, at any given time you can list 20 countries with high inflation, and the US would not be on that list because of point #1.

As such, US inflation can't so readily be explained away just because other countries have high inflation.
 

code1211

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WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

The government’s report also showed that inflation rose 1.2% from February to March, up from a 0.8% increase from January to February.

The March inflation numbers were the first to capture the full surge in gasoline prices that followed Russia’s invasion of Ukraine on Feb. 24. Moscow’s brutal attacks have triggered far-reaching Western sanctions against the Russian economy and have disrupted global food and energy markets. According to AAA, the average price of a gallon of gasoline — $4.10 — is up 43% from a year ago, though it has fallen back in the past couple of weeks.


——————

Definitely not good news for the American people. Has around here (north of Seattle) ranges from $4.30 to $5.00 a gallon, and the cost of everything else is also elevated.

Yep!

The Biden recovery is REALLY kicking in!
 

NatMorton

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Oh My Gosh are you saying the economy peaks and valleys on a regular basis?

Who Knew!?!?!?!?
Another attempt at pre-event damage control.

Hey, recessions happen. I know we've been in complete control of Washington for the last two years, but gosh, it's not our fiscal policies' fault. Really ...
 

ttwtt78640

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Well sure, but the comparison offerered isn't necessarily illustrative of the problem in the US.

For one, the US Dollar is the default currency for international trade, so US Dollar Inflation would bleed outward into international trade, but not really in reverse.

To that point, at any given time you can list 20 countries with high inflation, and the US would not be on that list because of point #1.

As such, US inflation can't so readily be explained away just because other countries have high inflation.

Maybe, but assuming that current inflation is largely pandemic related it is likely not to have much to do with the default currency.
 

rahl

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This is exactly what happens when you put a person in office and others in power over a private sector economy that has no private sector experience or understanding of what happens when you throw gasoline on to a fire in the form of taxpayer funded stimulus that went to a returning job market and recovering economy. That spending boosted demand and spending while not addressing supply.
lol yep. Biden is so powerful he controls inflation across the entire planet.
 

NatMorton

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Came across this thread recently. It’s worth scrolling through a few pages to see what some of DP’s left-leaning economic ‘experts” were saying about inflation just a few short months ago.

 

highroller

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Well the good news is election in 6 months. If the democrats lose the majority, then we can at least have some obstruction again to keep all this new spending from going forward. Biden just proposed another 10 trillion in debt so that needs to be stopped.
How does that impact the worlds inflation?
 

highroller

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Headline graph from the WSJ just now. The gray bars are the recessions. Notice how they frequently align with the inflation peaks?

Buckle up, folks.

View attachment 67385205
I’d like to see what the regression analysis says about that data. I’m really curious what the R squared is
 
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