the Federal Reserve.
But the July numbers represent a downshift from the soaring inflation of May and June, which prompted a more hawkish Fed. Inflation was pulled down principally by a 7.7% drop in gasoline prices, which have continued to fall so far in August. Other sources of relief included airfare and rental car prices .July CPI numbers align with other recent data suggesting that inflation might be starting to turn, including falling prices for a wide range of commodities and a survey of Americans' expectations for future inflationMake no mistake, this relief is mild relative to the run-up in prices over the last year.
But "core inflation remains on an upward trajectory due to rising housing rental costs and service sector inflation pressures," he added.One month of relief beats the alternative. But we're a long way from being able to declare that the inflation crisis is over, and the Fed is unlikely to see the new numbers that way.
Republicans have the FBI DOJ bone to chew on now. They don't care about inflation anymore.
🤡🤡🤡🤡🤡
No need for the Inflation Reduction Act now, right?
Sure.
You can’t lie your way out of this.
Legacy Media is broken. Gaslighting America that the pain we feel (too many $$$ chasing too few goods - fuel, food, salary, etc.) is a cold shot.
LOL “Other sources of relief included airfare (down 7.8% in July, partly reflecting lower jet fuel prices) and rental car prices (down 9.5%)” several paragraphs before admitting that grocery prices are up 10% in a year. But thank God poor people can afford to rent a car!
Bullshit
No one talking abt asset inflation. Case-Shiller home prc up 43.5% since 2/20 as Fed turned on spigot. Bottom 90% of wealth 2 classes, those w good homes/schools, those w/o, many lib Dem NIMBYs in 1st rentier class, JoeBiden IRA nothing for needed HUGE incr in affordable houses.
Teachers pet.
Is one of those hints the chart?
BidenInflation