Mostly due to the reduction in gas prices...food still an issue...but at least it cooled a tad!

Quote:US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.

The consumer price index increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades, Labor Department data showed Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs.

So-called core CPI, which strips out the more volatile food and energy components, rose 0.3% from June and 5.9% from a year ago. The core and overall measures came in below forecast.

US Inflation Runs Cooler Than Forecast, Easing Pressure on Fed

"This month’s inflation report (reflecting changes in July) will show a large decline in overall inflation. This will provide the White House with a false narrative of confidence that inflation has peaked. However, food inflation (farm prices not yet realized) will combine with wage inflation (as noted above) sometime around October, and then we enter another round of rising prices.

The prices for durable goods have likely peaked. If you are in the market for an expense item (appliance, furniture, etc) look for significant incentives to trigger in Sept/October; right around the same time when the layoffs start. So, sit tight for a few more weeks."

WH: Inflation went down in July.. I saved the avg American household $50

Avg Americans: Yea but we're still paying $500 more a month on sh*t

So, 8.5% is good now? And that is on top of last July which was 5.4%. 14% since Trump was in office. Let's throw a party.

(08-10-2022 08:22 AM)Eagleaidaholic Wrote:  So, 8.5% is good now? And that is on top of last July which was 5.4%. 14% since Trump was in office. Let's throw a party.

That will be D logic. It's the same as when they say the saved Americans money by reducing a spending bill from $5 billion to $3 billion.

(08-10-2022 08:13 AM)Redwingtom Wrote:  Mostly due to the reduction in gas prices...food still an issue...but at least it cooled a tad!

Quote:US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.

The consumer price index increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades, Labor Department data showed Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs.

So-called core CPI, which strips out the more volatile food and energy components, rose 0.3% from June and 5.9% from a year ago. The core and overall measures came in below forecast.

US Inflation Runs Cooler Than Forecast, Easing Pressure on Fed

The good news it did slow but the bad news is still moving up eating away at your wealth. Another thing that is most definitely happening to cause the slow is people are running at out of money and credit card credit. Credit card debt has soared and at the rates they charge it will take years or defaulted to purge this debt.

But, make no mistake inflation is still moving upward and my largest supplier who has always paid my freight bill dumped back on me in July. Sign that they are struggling with the costs of inflation.

Grocery store prices are still climbing and another bothersome concern that is absolutely going to make this an extremely hard fall and winter is that diesel shortages will cause a monster spike in goods. We are currently setting at 32 year lows of inventory with refineries running at near peak.

Hold on this ride is about to get a whole lot rougher.

BTW, the Inflation Reduction Act wasn't passed to lower inflation it was passed to try to delay the oncoming Recession which would have hit hard in October. Funny how politicians cover their own backsides much like building some border wall in AZ for Dem Senator Kelly. They get your vote and Americans get poorer and look for Dems to support them. Sad.

YAY!!!

The damage is less than we were bracing for !!!!!

This is an accomplishment for the idiot administration.

(08-10-2022 08:15 AM)Bronco14 Wrote:  "This month’s inflation report (reflecting changes in July) will show a large decline in overall inflation. This will provide the White House with a false narrative of confidence that inflation has peaked. However, food inflation (farm prices not yet realized) will combine with wage inflation (as noted above) sometime around October, and then we enter another round of rising prices.

The prices for durable goods have likely peaked. If you are in the market for an expense item (appliance, furniture, etc) look for significant incentives to trigger in Sept/October; right around the same time when the layoffs start. So, sit tight for a few more weeks."

You're quoting something, but provided no link. Where did you get it from? Thanks.

Victory

Youre getting fricked .05 % less

You can't make it better unless you make it worse first- Joe Biden probably.

(08-10-2022 08:46 AM)gdunn Wrote:  You can't make it better unless you make it worse first- Joe Biden probably.

Thats Dem philosophy 101


They screw up everything they touch

Great news! The train is headed toward the cliff at a somewhat slower pace!

8.5% is insane for America unless you want to go back to '79-81 again just STFU until if/when this gets back down 1-3% and wages catch back up for the average folk.

Deflation is a sign of demand destruction and recession.....Just sayin....

8.5% is the annual inflation over the past 12 months. But fascinatingly, the monthly inflation rate was 0% in July.

Here is the month-by-month inflation report directly from the Bureau of Labor Statistics:

https://www.bls.gov/news.release/pdf/cpi.pdf

Monthly inflation rate, by month:
July '21 - 0.5%
Aug = 0.3%
Sep = 0.4%
Oct = 0.9%
Nov = 0.7%
Dec = 0.6%
Jan '22 = 0.6%
Feb = 0.8%
Mar = 1.2%
Apr = 0.3%
May = 1.0%
Jun = 1.3%
Jul = 0.0% (last month, the newest data)

July is 0% because energy went down 11%.

Food inflation stayed steady in July at 1.1% monthly (it has been between 0.9% and 1.2% every month this year). 1.1% monthly = 14.1% annually

In before the dipsh*ts try to say their new bogus inflation reducing law has already started reducing inflation.

Gas prices are down slightly, and Biden* did that. He threw the economy into a recession and lowered the demand for gas. For his next trick, he will throw the country into a depression, kill off a bunch of people, and cause demand to plummet.

(08-10-2022 09:09 AM)UofMstateU Wrote:  In before the dipsh*ts try to say their new bogus inflation reducing law has already started reducing inflation.

Gas prices are down slightly, and Biden* did that. He threw the economy into a recession and lowered the demand for gas. For his next trick, he will throw the country into a depression, kill off a bunch of people, and cause demand to plummet.

First he has to figure out how to get his arm thru a coat sleeve and then ride a bicycle

Did you really just start a thread touting a tiny decrease in inflation? LMFAO!!!

I alluded to this yesterday, but the wins keep coming for Biden. Nice to see. Can't wait to see the new numbers when the inflation act has a chance to make a real impact.

(08-10-2022 09:37 AM)oruvoice Wrote:  Did you really just start a thread touting a tiny decrease in inflation? LMFAO!!!

No, clown show, I just started a thread that provided factual information. I know, a rarity around here.