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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.
US inflation jumped 8.5% in past year, highest since 1981
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.apnews.com
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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.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.
US inflation jumped 8.5% in past year, highest since 1981
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.apnews.com
——————
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 %
dont know, heres the sourceWhat 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
Inflation Rate - Countries - List
This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Inflation Rate. This page provides values for Inflation Rate reported in several countries. The table has current values for Inflation Rate, previous releases, historical...tradingeconomics.com
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.
Welcome, the only point of my post was to point out this is not just a US issue.Thank you. It is often very difficult to compare international statistical values since they are often calculated in significantly different ways.
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.
US inflation jumped 8.5% in past year, highest since 1981
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.apnews.com
——————
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.
Welcome, the only point of my post was to point out this is not just a US issue.
inflation is a worldwide phenomenon and gas prices are falling as we speak.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.
US inflation jumped 8.5% in past year, highest since 1981
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.apnews.com
——————
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.
Oh My Gosh are you saying the economy peaks and valleys on a regular basis?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
Agreed, international trade (thus interdependence) makes it unlikely that the impact of local (to a single nation or region) economic changes would remain so.
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.
US inflation jumped 8.5% in past year, highest since 1981
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.apnews.com
——————
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.
Another attempt at pre-event damage control.Oh My Gosh are you saying the economy peaks and valleys on a regular basis?
Who Knew!?!?!?!?
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.
lol yep. Biden is so powerful he controls inflation across the entire planet.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.
How does that impact the worlds inflation?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.
I’d like to see what the regression analysis says about that data. I’m really curious what the R squared isHeadline 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
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