MCViewPoint

Opinion from a Libertarian ViewPoint

Inflation Hits 9.1 Percent after Months of Empty Talk at the Fed

Posted by M. C. on July 14, 2022

With this latest CPI inflation data, however, pressure will only mount on Powell to push through a full 1 percent rate hike. That, however, would make government debt much more expensive to service, tank the real estate industry, and lead to many household defaults on mortgages and auto payments. Unemployment would follow, and then what sliver of data would the Fed use to convince us that the economy is doing swell?

https://mises.org/wire/inflation-hits-91-percent-after-months-empty-talk-fed

Ryan McMaken

The US Bureau of Labor statistics released new Consumer Price Index inflation estimates this morning, and the official numbers for June 2022 show that price inflation has risen to 9.1 percent year over year. That’s the biggest number since November 1981, when the price growth measure hit 9.6 percent year over year. The month-over-month measure surged as well, with the CPI measure hitting 1.4 percent. That’s the highest month-over-month growth since March 1980, when the measure hit 1.5 percent. 

June marks the fifteenth month in a row during which CPI inflation has been more than double the Fed’s 2 percent target inflation rate. CPI inflation has been more than triple the 2 percent target for the past nine months, and year-over-year growth in CPI inflation has been near forty-year highs for the past eight months. 

See the rest here

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