Inflation Nation: Consumer Prices Jump 5%, Fastest Pace Since 2008

[jimnyc]

Shouldn't surprise anyone at all, everyone was warned.

And thank Joe for the gas prices. I paid $78 to fill my truck yesterday - and it was more like $55-$58 prior to Joe.

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Inflation Nation: Consumer Prices Jump 5%, Fastest Pace Since 2008

Consumer prices surged higher in May.

The Consumer Price Index rose five percent compared with a year ago, the Department of Labor said Thursday. On a monthly basis, the CPI rose a hotter than expected 0.6 percent.

Economists had expected the Labor Department to report that consumer prices rose 0.5 percent in May compared with April. The consensus forecast was for a 4.7 percent gain when measured against May of 2020, which would have been the hottest reading since skyrocketing energy prices pushed up the index in the fall of 2008.

The reading for core inflation, which strips out volatile food and energy prices, was expected to rise 3.5 percent compared with a year ago. That would have been the strongest annual increase in 28 years. On a monthly basis, economists were expecting a 0.5 percent gain.

In Thursday’s release, the government said core inflation rose 0.7 percent. On an annual basis, core inflation jumped 3.8 percent. This was the hottest reading since June 1992.

The index for used cars and trucks continued to rise sharply, jumping 7.3 percent in May. Compared with a year ago, used car prices are up 29.7 percent.

Rest - https://www.breitbart.com/economy/20...st-since-2008/

[Tyr-Ziu Saxnot]

Shouldn't surprise anyone at all, everyone was warned.

And thank Joe for the gas prices. I paid $78 to fill my truck yesterday - and it was more like $55-$58 prior to Joe.

---

Inflation Nation: Consumer Prices Jump 5%, Fastest Pace Since 2008

Consumer prices surged higher in May.

The Consumer Price Index rose five percent compared with a year ago, the Department of Labor said Thursday. On a monthly basis, the CPI rose a hotter than expected 0.6 percent.

Economists had expected the Labor Department to report that consumer prices rose 0.5 percent in May compared with April. The consensus forecast was for a 4.7 percent gain when measured against May of 2020, which would have been the hottest reading since skyrocketing energy prices pushed up the index in the fall of 2008.

The reading for core inflation, which strips out volatile food and energy prices, was expected to rise 3.5 percent compared with a year ago. That would have been the strongest annual increase in 28 years. On a monthly basis, economists were expecting a 0.5 percent gain.

In Thursday’s release, the government said core inflation rose 0.7 percent. On an annual basis, core inflation jumped 3.8 percent. This was the hottest reading since June 1992.

The index for used cars and trucks continued to rise sharply, jumping 7.3 percent in May. Compared with a year ago, used car prices are up 29.7 percent.

Rest - https://www.breitbart.com/economy/20...st-since-2008/

There you go, the dems= always for the little guy....
Yea, right up the ass-- they are.
And the dem voting certified idiots fall for it decade after decade, thanks to the lying amplifications of the mainstream- lame stream media.
Remember how the dems wanted gas to go to 6 or 7 dollars a gallon when the damn traitor o'bama was in?
Well, get ready because be it by hook or crook, they plan on getting that during the illegally installed clown/puppet O'biden's term.
If a civil war ever occurs(God forbid)-- true patriots should know who engineered it and who the true enemy is, imho.
All of them are ffing scum, imho...--Tyr

[MtnBiker]

Small businesses are taking a hit.

Survey: Small Businesses Hit Roadblocks on Road to Recovery

The impact of COVID-19 on small businesses and communities all over the world is significant. In our latest survey, 82% of small business owners expect to exhaust their PPP loan funding by the end of July and only 24% are very confident they will be able to maintain their payroll when their funding is exhausted.
Consistent with our firm’s purpose of advancing sustainable economic growth and financial opportunity, Goldman Sachs is committed to supporting relief efforts, elevating the voices of our small business community to policymakers, and working across sectors on innovative sources of funding.

https://www.goldmansachs.com/citizen...d-to-recovery/

[fj1200]

Shouldn't surprise anyone at all, everyone was warned.

And thank Joe for the gas prices. I paid $78 to fill my truck yesterday - and it was more like $55-$58 prior to Joe.

---

Probably not so much Joe's fault though. It's been building for awhile especially with the Fed keeping rates to low...

[jimnyc]

Probably not so much Joe's fault though. It's been building for awhile especially with the Fed keeping rates to low...

I'm not completely disagreeing with you. But some of the trend has to belong to Joe, IMO. And some is just lack of confidence, I think.

And Btw, if it's showing Cali at $3.88 in this story and $2.63 in Texas - damn, when I filled up it was at $3.35 a gallon when I was in Yonkers, NY.


Here’s Why Gasoline Prices Are High And Going Higher

‘Why are gas prices so high?’ That’s a web search question leading readers to my pages this morning, along with another asking ‘why are gas prices so high in California?’ That second one is just as important as the first, since California is basically serving as the canary in the coal mine for the rest of the country.

Finally, a third web search question high on the list this week is ‘Is America energy independent?’ The answers to all of these questions are all intertwined with one another. Let’s examine why.

First, why are prices at the pump so high in general? There are several factors at play here that all have had an impact since last November:

• The loosening of COVID restrictions globally in recent months has led to a rapid recovery in global demand for crude oil that has exceeded the expectations of all of the “experts” on the subject, leading to a tightening of global crude markets;
• Strong discipline among the OPEC+ nations related to their agreement to limit exports has also played a major role in tightening the relationship between global supply and demand;
• The U.S. election has also obviously played a big role here. Since last November 3, the average price per gallon of regular gasoline in the U.S. has skyrocketed by 75 cents. The markets clearly see the Biden/Harris administration as one that will work to inhibit U.S. oil production, which will also have the effect of tightening the global market, and traders have responded by driving up the price of crude oil;
• Refinery maintenance and the changeover to summer gasoline blends. This is a factor that I tend to write about every year at this time. Gas prices have continued to rise even as crude prices have dropped over the past week mainly due to the fact that March and April are the time of year in which many U.S. refineries are taken offline for annual maintenance and all refiners are switching from manufacturing a handful of winter blends of gasoline to the dozens of summer blends required by the EPA. This changeover invariably raises the costs of both refining and transportation of gasoline, and that is always worked into gas prices during these months.

To sum up: We’ve seen a confluence of factors since November that have driven up the price for crude oil now combined with the higher costs associated with the annual conversion over to summer blends of gasoline. Since gas prices at the pump tend to follow the price of crude on almost a linear basis, none of this is really surprising.

But what about California? According to AAA, the current average price for regular in the Golden State stands at $3.885 per gallon, while in Texas it is $2.626, about a 47% difference. This differential is almost entirely due to politics around climate change.

California is a state that is rich in underground oil resources, but over the past two decades, the state government of California has pursued a policy agenda designed to inhibit drilling and production within its borders as part of an overall program to try to ratchet down emissions via command-and-control regulations. In more recent years, the state government has implemented emissions regulations that far exceed current federal regulation and implemented mandates requiring a rapid phasing-out of gas-powered cars and replacing them with electric vehicles (EVs).

Rest - https://www.forbes.com/sites/davidbl...gherheres-why/

[fj1200]

I'm not completely disagreeing with you. But some of the trend has to belong to Joe, IMO. And some is just lack of confidence, I think.

And Btw, if it's showing Cali at $3.88 in this story and $2.63 in Texas - damn, when I filled up it was at $3.35 a gallon when I was in Yonkers, NY.

You might be right about that. I was going to caveat my statement with gas regulations, pulling pipeline permits, etc. but then I didn't...