Welp!
Inflation hasn’t been 7% for 40 YEARS:
BREAKING Government Report:
Inflation up 7% year over year
Highest since 1982
(interfering political stat – in 1982 Biden had already been in the Senate a decade)
— Sean Spicer (@seanspicer) January 12, 2022
To put this in perspective, Marty McFly only traveled back in time 30 years in “Back to the Future”:
BREAKING: Inflation hits the highest level in over 40 years. https://t.co/IB7lJaImOq
— Jesus E. Solorio, Jr (@jesussoloriojr) January 12, 2022
And the No. 1 song in America was “Physical” by Olivia Newton-John:
“Physical” by Olivia Newton John was the #1 song the last time the US had 7% inflation (1982)
— Brian Winter (@BrazilBrian) January 12, 2022
Let’s go, Brandon!
Here’s a breakdown of where prices increased the most. Numbers are “monthly” . . . gulp:
Consumer prices rose 7% in December from one year ago (fastest pace since 1982) and 0.5% in the past month. #inflation
Here are some of the biggest *monthly* price gains:
– Used cars/trucks: +3.5%
– Airline fares: +2.7%
– Furniture: +2.0%
– Apparel: +1.7%
– Food: +0.5%— Elizabeth Schulze (@eschulze) January 12, 2022
Here are the yearly numbers. Double-gulp:
Price increases over last year (CPI report)…
Gasoline: +49.6%
Used Cars: +37.3%
Gas Utilities: +24.1%
Meats/Fish/Eggs: +12.5%
New Cars: +11.8%
Overall CPI: +7%
Food at home: +6.5%
Electricity: +6.3%
Food away from home: +6.0%
Apparel: +5.8%
Transportation: +4.2%
Shelter: +4.1%— Charlie Bilello (@charliebilello) January 12, 2022
And now we wait to see what the Fed does:
When the annual rate of inflation begins with a 7, there is immense pressure on the Fed to get it under control, supply chain issues notwithstanding. Both interest rate hikes & shrinking their balance sheet are in the cards, and are likely to begin as soon as March
— Greg McBride, CFA (@BankrateGreg) January 12, 2022
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Editor’s note: This post has been updated.
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