

Inflation numbers just came out and, once again, they weren’t good. Looks like the Inflation Reduction Act isn’t doing much to reduce inflation. Consumer prices increased 8.2% year over year, which was slightly down from August’s 8.3%. But monthly consumer prices went up more than expected, 0.4%. But the core CPI, or consumer price index, was the worst number. Worst in 40 years, in fact. It went up from 6.3% to 6.6%.
But what does that really mean to the layperson? It reflects the “average change over time in the prices paid by urban consumer for a market basket of consumer goods and services.” Basically, how is inflation affecting the products you actually spend your money on. Here’s a breakdown of what that looks like for the average American.
Annual inflation via BLS just out:
— Ryan Struyk (@ryanstruyk) October 13, 2022
42.9% airline fares
33.1% utility gas
30.5% eggs
18.2% gasoline
17.2% chicken
15.7% coffee
15.2% milk
14.7% bread
10.1% furniture
9.2% vegetables
8.2% all items
8.2% fruit
8.1% ham
7.6% women apparel
7.2% used cars
6.7% rent
3.7% men apparel
Side note, who knew inflation is sexist?! I sure didn’t. But look at the difference between women’s apparel and men’s apparel. Women already pay more for clothing and beauty products on average, and now the inflation is higher on those women’s products than they are on the already cheaper men’s products. Just an interesting observation.
Weirdly, Biden just said that a “key reason” he ran for President was to fight inflation, which wasn’t an issue until he took office and destroyed the economy. And Biden hilariously also just blamed future GOP politicians for the bad economy, saying that “if republicans win, inflation is going to get worse. It’s that simple.” It’s already worse. It’s WAY worse.
As a reminder, the real GDP was growing at 6.3%, inflation was at 1.4%, and gas was averaging $2.39 when Donald Trump left office two years ago. Now, we’re seeing consecutive quarters of negative GDP, inflation is up to 8.2%, and gas is averaging $3.91. They’re hoping you’re too stupid to notice.
1 Comment
I’m curious what the media is going to do when the “year over year” catches up with the previous year’s terrible number. Will they gaslight everyone again and Biden praise for dropping the number from 8.X to 6-ish, or will they explain how the number is compounding and is still terrible? Or even worse, will the number still be high enough they can’t hide it?