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Inflation Surges To Highest Level In 30 Years

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The Consumer Price Index increased 0.9% in October, bringing the key inflation indicator’s year-over-year increase to 6.2% as supply shortages continue and demand grows, the U.S. Bureau of Labor Statistics announced Wednesday.

The year-over-year inflation figure is an increase from September’s 5.3% level, marking the highest level in 30 years, according to the Bureau of Labor Statistics (BLS) report. Economists surveyed by The Wall Street Journal projected the CPI would increase to just 5.9% in October. . .

“I do think we’re moving into a new phase where inflation is broader and where things are going to get a little more intense,” Laura Rosner-Warburton, senior economist at MacroPolicy Perspectives, told the WSJ. “Part of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.” (Read more from “Inflation Surges To Highest Level In 30 Years” HERE)

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New Inflation Numbers Are Here and They’re Really Bad (VIDEO)

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New wholesale inflation numbers from September are in and once again prove the rapid increase in prices for everyday items isn’t “transitory” as President Joe Biden has repeatedly claimed.

Wholesale prices rose by 8.6 percent compared to September 2020, matching the largest increase on record.

“The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.6% last month from September, pushed higher by surging gasoline prices. Excluding volatile food and energy prices, wholesale inflation was up 0.4% in October from September and 6.8% from a year ago,” the Associated Press reports. “More than 60% of the September-October increase in overall producer prices was caused by a 1.2% increase in the price of wholesale goods as opposed to services. A 6.7% jump in wholesale gasoline prices helped drive goods prices up.”

(Read more from “New Inflation Numbers Are Here and They’re Really Bad” HERE)

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Bidenflation Stole Christmas: Consumer Prices Up, Retail Spending Plans Not

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There are likely to be fewer gifts under Christmas trees this year thanks to inflation running so much hotter than expected.

Consumers plan to spend $997.73 on gifts, holiday items, and other non-gift purchases for themselves and their families this year, according to the annual survey released Thursday by the National Retail Federation and Prosper Insights & Analytics.

That’s around what consumers spent last year, the National Retail Federation said.

But prices are much higher. Compared with a year ago, consumer prices are 5.4 percent higher. Adjusted for inflation, holiday sending looks set to fall.

To put it slightly differently, if families this year spend just about what they did last year, they are going to have to settle for fewer gifts. (Read more from “Bidenflation Stole Christmas: Consumer Prices Up, Retail Spending Plans Not” HERE)

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30% Of Americans Struggling To Eat Due to Biden-Flation

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Three of 10 Americans are missing meals because of the high prices of food – the result of inflation that the Biden administration has been unable to control, according to a new poll.

Zogby Analytics said 29.3% of respondents said “yes” to the question, “Because of the Biden administration’s inability to control inflation, has the increased cost of food resulted in you or your family having to skip meals?”

So far, 65.7% said, that hasn’t happened to them.

“There is no shortage of crises today. We’re on the verge of so many disruptions environmentally, politically, and economically that it’s hard to keep track,” the Zogby analysis said. “While we struggle to get COVID under control, clear supply chains, control energy costs, and fill millions of open jobs, there is another crisis lurking in the shadows that might be affecting more people than once thought.”

The report continued, “Food insecurity is becoming increasingly too familiar these days. As the gap between the ‘haves’ and ‘have nots’ widens, more and more Americans are finding it harder to meet ends daily. Economists and advocacy groups are sounding the alarm bells as food insecurity is on the rise in U.S. To compound matters, rising food prices are not helping the situation. Families are missing meals because their paychecks do not go as far as they once did a few years ago. The middle class is being hollowed out by inflation. We asked voters if they felt the Biden Administration’s failure to control inflation had caused them or family members to miss meals because of the increased cost of food prices, and the results were shocking.” (Read more from “30% Of Americans Struggling To Eat Due to Biden-Flation” HERE)

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Here Are the Latest Goods To See Prices Spike Due to Biden-Flation

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Is it still a high-class problem? The Biden administration’s take on the global supply chain crisis and rising inflation have shown what happens when insulated rich liberals take over Washington. They don’t know real people. They’re not in touch with normal Americans. . .I guess we little people don’t need toilet paper, paper towels, razor blades, toothbrushes, or toothpaste. That’s a high-class issue, right (via NY Post):

The maker of Crest toothpaste and Tide laundry detergent said it would raise prices — again — joining a list of US manufacturers passing the rising cost of raw goods onto consumers. . .

P&G said Tuesday it would hike prices on a host of beauty, oral care and grooming goods, which include Gillette razors, Oil of Olay creams and Oral-B toothbrushes.

That’s after warning this spring that it would be forced to hike prices on its paper-based products, which include Pampers diapers, Bounty paper towels and Tampax tampons.

(Read more from “Here Are the Latest Goods To See Prices Spike Due to Biden-Flation” HERE)

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High Inflation Expected To Last Well Into 2022

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High inflation will last well into 2022, economists say, indicating that supply chain bottlenecks will keep increasing prices and curbing production.

Experts expect to see average inflation of 5.25% in December, slightly down from the current maximum predicted 5.4% figure, according to The Wall Street Journal. If inflation stays around its current level, Americans will experience the longest period during which inflation has stayed above 5% since 1991.

“It’s a perfect storm: supply-chain bottlenecks, tight labor markets, ultra-easy monetary and fiscal policies,” Michael Moran, Daiwa Capital Markets America’s chief economist, told the WSJ.

Economists believe that consumer price inflation will drop to 3.4% by June 2022 and 2.6% by the end of 2022, according to the WSJ. These figures remain 1.8% above the inflation level seen before the COVID-19 pandemic. (Read more from “High Inflation Expected To Last Well Into 2022” HERE)

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Obama Economic Advisor: Inflation’s Going To Get Out of Control (VIDEO)

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Former Obama Economic Advisor Larry Summers is warning that thanks to a “woke” federal reserve, inflation is about to be driven into out-of-control territory.

The White House is attempting to downplay rapidly rising inflation. Chief of Staff Ron Klain is referring to the issue as a “high class problem,” despite prices on everyday household products and groceries significantly increasing in recent months.

(Read more from “Obama Economic Advisor: Inflation’s Going To Get Out of Control” HERE)

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For Consumers, ‘Build Back Better’ Is Going To Start Getting Replaced by These Three Words Soon

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You’ve got to be kidding me. We already knew that inflation was bad. You see that at the grocery store. America’s mothers have seen it for months as they balance the home budgets. Inflation is a tax—period. And the Biden administration has been sticking it to consumers. There’s also the underreported story at our ports where a global supply chain crisis is looming. Goods cannot be offloaded fast enough due to COVID protocols and the sheer lack of manpower. No one is getting back to work.

CNBC had a lengthy post about Shipt—a shopper/delivery service owned by Target that’s exploded since the COVID pandemic. The article was about the service and how it’s handling the “out of stock” crisis in our grocery stores. Those are the three words that are going to replace “build back better” and the ones that describe the Biden agenda for consumers as inflation and supply chains tighten. Right now, there might not be items readily available come Christmas time (via Reuters):

White House officials, scrambling to relieve global supply bottlenecks choking U.S. ports, highways and railways, warn that Americans may face higher prices and some empty shelves this Christmas season.

The supply crisis, driven in part by the global COVID-19 pandemic, not only threatens to dampen U.S. spending at a critical time, it also poses a political risk for President Joe Biden.

(Read more from “For Consumers, ‘Build Back Better’ Is Going To Start Getting Replaced by These Three Words Soon” HERE)

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As Inflation Hits 30-Year High, White House and Federal Reserve Change Their Tune

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The costs of goods and services rose sharply again in August, leaving the U.S. inflation rate at a 30-year high, the Department of Commerce reported, causing the Federal Reserve chairman and at least one White House economic adviser to change their tune on just how temporary the Biden administration’s inflation increase may be.

Jared Bernstein, who is currently a member of the Council of Economic Advisers for the Biden administration, predicted to Fox Business that inflation would end around 4% this year before settling back down to 2.3% in 2022.

“The catch,” Fox Business reported, is that “he cannot say when that will happen and believes we might see elevated inflation into the middle of next year.”

The adviser’s remarks matched those issued recently by Federal Reserve Chairman Jerome Powell, who during a panel discussion acknowledged that rising inflation will likely last into next year.

The central bank chief called it “frustrating to see the bottlenecks and supply chain problems not getting better” but actually “getting a little bit worse,” and added, “We see that continuing into next year probably and holding up inflation longer than we had thought.” (Read more from “As Inflation Hits 30-Year High, White House and Federal Reserve Change Their Tune” HERE)

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Top Supermarket Chain Warns High Inflation Will Continue To Drive Up Prices

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One of the nation’s biggest supermarket chains warned last week that prices at grocery stores are going to continue rising for the near future because of high inflation.

Kroger Company, the largest supermarket chain by revenue in the United States, says inflation is “running hotter” than executives originally believed, according to Fox Business, which translates to higher prices for consumers.

Kroger CFO Gary Millerchip, in fact, said Kroger will be “passing along higher cost to the customer where it makes sense to do so.” Prices are expected to rise another 2-3% through the end of the year. . .

Albertsons Companies Inc., which also has a national footprint, has also warned that increasing inflation may lead to additional price increases. (Read more from “Top Supermarket Chain Warns High Inflation Will Continue To Drive Up Prices” HERE)

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