Peter Schiff: The Mainstream Is Sugar-Coating Inflation

Biden’s ratings are in the toilet and the mainstream media is doing its best to put lipstick on the pig of his administration’s performance. Imagine where those ratings would be if the media was actually doing its job! From Peter Schiff at schiffgold.com:

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The CPI data for November came in pretty close to expectations. Of course, expectations were sky-high as the transitory inflation narrative has faded into myth.

The CPI surged another 0.8% month-on-month in November. The consensus expectation was for a 0.7% rise. The headline year-on-year increase was 6.8%. That was right in line with expectations. It was also the highest CPI print since 1982. And as Peter Schiff talked about on his podcast, the CPI number understates the inflation problem.

The November rise came on the heels of a sizzling hot 0.9% CPI in October. This was the biggest back-to-back CPI rise of the year.

Clearly, the gains we are seeing were not transitory if we’re at the end of the year and we’re seeing even bigger back-to-back increases in monthly consumer prices than at any point during the year.”

The total CPI gain for 2021 now stands at 7.1% with one month left to go.

  • January – 0.3%
  • February. – 0.4%
  • March – 0.6%
  • April – 0.8%
  • May – 0.6%
  • June – 0.9%
  • July. – 0.5%
  • August 0.3%
  • September – 0.4%
  • October – 0.9%
  • November – 0.8%

Core inflation, excluding food and energy (as if consumers don’t have to eat or put gas in their car) rose 0.5%. The year-over-year core CPI was up 4.9%.

Peter said we need to remember that the Fed is still talking about inflation “slightly” above 2%.

We are miles above 2%. And there’s no way we’re going anywhere near 2% again.”

Peter brought up another important point. The inflation comparison between, 1982 and today is apples to oranges, and it is irrelevant.

The mainstream media and government officials like to compare today’s CPI numbers to the double-digit inflation of the 1970s.

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