(BLP) – Well well well… it turns out the inflation was not temporary, or as Federal Reserve Chair Jerome Powell put it last year, “transitory“ after all! American workers around the nation are likely taking another look at their bank accounts after a new report from the consumer price index (CPI) estimated inflation to be at a whopping 9.1% from a year ago.
CNBC reported that core CPI increased 5.9%, all while excluding record-high food and energy prices.
“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation,” said Robert Frick, corporate economist at Navy Federal Credit Union. “Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”
Numerous outlets of the mainstream media dismissed concerns by Americans about inflation in the recent past, often claiming that is ‘transitory’ and therefore only a temporary issue. The Associated Press reported on the topic, quoting Federal Reserve Chair Jerome Powell’s ludicrous claim that “the incoming data are very much consistent with the view that these are factors that will wane over time and then inflation will then move down toward our goals.” CNBC penned a similar piece by the name of “Inflation is hotter than expected, but it looks temporary and likely won’t affect Fed policy yet.”
Increased expenses for Americans include airline faires that are up 34.1% from a year ago, and foods such as meat, poultry, fish, and eggs which are on average 11.7% more expensive than last year.
Many have said the CPI-calculated rate of inflation does little to tell the full story, arguing that such an equation does not accurately portray the cost of living for an average American. Some organizations have compiled data arguing a significantly higher devaluation of the US dollar than 9.1%, including Shadow Government Statistics.
Many economists warn an economic depression is imminent.
“U.S. inflation is above 9%, but it is the breadth of the price pressures that is really concerning for the Federal Reserve.” said James Knightley, ING’s chief international economist. “With supply conditions showing little sign of improvement the onus is the on the Fed to hit the brakes via higher rates to allow demand to better match supply conditions. The recession threat is rising.”
White House occupant Joe Biden acknowledged the “unacceptably high” levels of inflation before he suggested today’s data is “out-of-date.”
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“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” the senile leader claimed. “Those savings are providing important breathing room for American families.”