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Inflation Soars 6.8% , Fastest Rate Since 1982

Inside The International Monetary Fund's Rethinking Macro Policy Conference

photo Secretary of the Treasury Janet Yellen

the staff of the Ridgewood blog

Ridgewood NJ, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in November on a seasonally adjusted basis after rising 0.9 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.8 percent before seasonal adjustment.

The monthly all items seasonally adjusted increase was the result of broad increases in most component indexes, similar to last month. The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.

The index for all items less food and energy rose 0.5 percent in November following a 0.6-percent increase in October. Along with shelter, used cars and trucks, and new vehicles, the indexes for household furnishings and operations, apparel, and airline fares were among those that increased. The indexes for motor vehicle insurance, recreation, and communication all declined in November. The all items index rose 6.8 percent for the 12 months ending October, the largest 12-month increase since the period ending June 1982. The index for all items less food and energy rose 4.9 percent over the last 12 months, while the energy index rose 33.3 percent over the last year, and the food index increased 6.1 percent. These changes are the largest 12-month increases in at least 13 years in the respective series.

6 thoughts on “Inflation Soars 6.8% , Fastest Rate Since 1982

  1. LOL. $68,000 a year gone into thin air if you have $1MM. If they used the same metrics they did in 1980 – we are over 14%. Outside of your car, gas, food, housing and energy – its only 6.8%!
    The biggest theft of our lifetimes is happening right in front of us.
    Who on Gods green earth would buy a 10 year treasury here? Anyone outside the fed?
    It’s not a partisan issue – it is a class issue. Jerome Powell doesn’t seem concerned at all, he is worth $100MM+ – so there is that.
    Bend over for NJ taxes and now bend a little more for the confiscation of the value of your capital.
    Shit isn’t going to get better. Have a great day!

  2. System is correcting. Older generations are sitting on cash. Investing, but not spending. The economy needs to grow.

    That can be accomplished through investment (capital) or consumption (spending). Every investor knows that good investment opportunities are virtually non-existent. This is evident in every asset class being hugely overvalued. From stonks to crypto. So, growing economy through more investment is a no-go. Only thing remains is increasing consumption.

    Hence inflation. First, inflate $ so that consumers spend instead of saving. Second, transfer savings from savers to consumers (from older to younger people) via fiscal policy and BBB gimmicks. Both Republican and democrat parties know this needs to be done, hence “uniparty” consensus. Only differences in details of the policy.

    Get used to it, ppl. It’s not good, bad, fair or unfair. It’s necessary.

    1. Lol….that’s your story and your sticking with it

  3. “Shit isn’t going to get better. Have a great day!”

    But rest in the comfort of knowing that lots of voters got what they wanted.

  4. The inevitable result of pumping all this money out and giving away most of it to the work-shy.

  5. Let’s go brandon! Democratic party is self-serving and doesn’t care about their constituents. Time for a new party, been betrayed too many times.

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