The CPI report shows that inflation rose four percent from last May, which is less than half of what it was at its peak in 2022, when it hit 9.1 percent year-over-year in June. Economic forecasts had predicted inflation would come in at 4.1 percent, meaning that the current economic climate is doing better than expected.
Uh huh. Considering that our “expectations” were of the Four Riders genre, that doesn’t mean much. And it gets worse:
However, core CPI – which excludes volatile food and energy prices – rose 5.3 percent from last May, which is a far less-rosy picture of the state of the economy.
Yeah, I’m so glad that the first inflation “estimate” just happens to exclude the two categories which affect ordinary people’s lives the most. And for the record, I’m still of the mind that the “5.3 percent” inflation rate is only about a third of what I’m seeing at the grocery store — i.e. 15 percent would be closer to the mark, which is about how much my closely-budgeted grocery spend has gone up in the past three months.
By the way: has anyone priced tires recently? Holy shit.
When the history of this era comes to be written, one of the most egregious falsehoods to be exposed will be the “official” inflation rate.