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PrintMarch 14, 2023
Inflation good news ... Democrat-style
As per its schedule, the U.S. government's Bureau of Labor Statistics (BLS) released its monthly report on the February 2023 Consumer Price Index (CPI) at 8:30 a.m. (EDT) this morning, confirming what most of us have noticed.
CPI for all items rises 0.4% in February as shelter increases
In February, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 6.0 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.5 percent in February (SA); up 5.5 percent over the year
"...less food and energy..."
Oh.
Food, which all living things need, jumped on an annual basis to 9.5%. For those who eat at home, food prices zoomed up 10.2 %. If that is too much for some, be reassured that "food away from home" in the past 12 months gulped up "only" 8.4%.
Yeah, yeah...I know.
But there was some better yearly news on energy; really. Energy costs (only) increased 5.2% as energy commodities (oil, gas) dropped 1.4%.
Drill, drill, explore, and drill some more.
But, uhhhh, energy services, though, increased by 13.3%.
More good news -- the 6% rise in inflation is the slowest annual increase in consumer prices since September 2021.
Well, yes, given the Democrat administration, this is good news.
In light of all this--and more, e.g., the collapse of Silicon Valley Bank, will the Federal Reserve raise interest rates? Stay tuned. Because if you require food or shelter, you can't tune out.
Image: Monica Showalter
