WOOSH, Shock-and-Awe Loss of Dollar Purchasing Power Hits Americans. Worst Inflation in 40 Years. Getting it Under Control Will Be a Bitch, by Wolf Richter

The inflation genie is well and truly out of the bottle. From Wolf Richter at wolfstreet.com:

Inflation for Urban Wage Earners & Clerical Workers (CPI-W) = 7.6%. Fed is still pouring fuel on the raging fire.  Most reckless Fed ever.

Fed Chair Jerome Powell’s reaction to today’s WOOSH inflation blowout, as captured by cartoonist Marco Ricolli for WOLF STREET.

The broadest Consumer Price Index (CPI-U) spiked by 0.8% in November from October, and by 6.8% from a year ago, the highest since June 1982, according to data released by the Bureau of Labor Statistics today.

But it gets better. The Consumer Price Index for All Urban Wage Earners and Clerical Workers (CPI-W), the index upon which the Social Security COLAs are based, spiked by 7.6% in November year-over-year — exceeding even Mexico’s soaring inflation rate — and the worst since January 1982.

Continue reading→

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.