Another month, another consumer price increase
Yesterday, the Bureau of Labor Statistics released its monthly Consumer Price Index (CPI) at 8:30 A.M. (EDT) for April 2023, and — oh, what not a surprise! — prices increased last month!
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in April on a seasonally adjusted basis, after increasing 0.1 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.9 percent before seasonal adjustment.
The statistic-loaded report concluded with good news/bad news for the U.S. population that is housed and pays for its food.
The all items index increased 4.9 percent for the 12 months ending April; this was the smallest 12-month increase since the period ending April 2021. The all items less food and energy index rose 5.5 percent over the last 12 months. The energy index decreased 5.1 percent for the 12 months ending April, and the food index increased 7.7 percent over the last year.
Basically, if you don't need a roof over your head -- "The index for shelter was the largest contributor to the monthly all items increase" -- people should be content because "The food index was unchanged in April, as it was in March. The index for food at home fell 0.2 percent over the month while the index for food away from home rose 0.4 percent."
Hmmmmm. In other words, core inflation remains stubbornly high no matter how much President Joseph Biden (D) and his lackeys try to spin the facts.
The ever-incompetent White House press secretary Karine-Jean Pierre's press release covered up the harsh realities, cheerfully bleating the slight good news about lower food at home costs while blaming the Republicans (of course!) for all other problems:
With today’s report, annual inflation has come down 45 percent since last summer. The annual inflation rate has now come down 10 months in a row at a time when our economy and job market are strong, with the unemployment rate at its lowest level in more than 50 years.
A few sentences later Pierre added:
With all this progress, the single biggest threat to our economy would be if House Republicans fail to prevent default. That would cost millions of Americans their jobs, increase costs, increase the deficit, and crater retirement accounts.
The Republicans! Those who preach fiscal responsibility are to blame! Of course!
As the lefties of the somewhat government-funded National Public Radio (NPR) sadly -- but at least honestly -- admitted
Inflation stayed high last month, compounding the challenges facing the U.S. economy
While Democrats and others crowed that this latest report is certainly an improvement over last year's April, 2022 report, which registered a CPI annual
increase of 8.3%, it certainly can't match the good old days of the April, 2019 report -- a mere four years ago during the Donald J. Trump (R) presidency -- which boasted only 2.0% inflation.
Yet another reason for hoping the recent good old days return.