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Fri Aug 10, 2018, 01:21 PM

U.S. Consumer Prices Rise; Core Posts Biggest Gain Since 2008

Source: Bloomberg

The consumer-priceindex rose 0.2 percent from June after a 0.1 percent month-on-month gain the prior month, a Labor Department report showed Friday. That matched the Bloomberg survey median. Excluding food and energy, thecore gauge was also up 0.2 percent, the same as projected. The core measure on a year-over-year basis advanced 2.4 percent, the biggest jump in that measure since September 2008.

<snip>

The results indicate steady consumer demand will sustain inflation, at a time tariffs and counter-levies by the U.S. and nations including China also threaten to lift costs on a range of goods. Sustained progress toward the Fed's goal -- based on its preferred gauge of inflation -- keeps the central bank on track for one or two more rate hikes this year.

The overall CPI gauge rose 2.9 percent in the 12 months through July, matching the survey median, the report showed. Core CPI was projected to advance 2.3 percent on an annual basis.

About 60 percent of the increase in the overall index came from a jump in shelter costs.


Read more: https://finance.yahoo.com/news/u-consumer-prices-rise-july-123001178.html



MAGA under the rule of Don the Con!



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Reply U.S. Consumer Prices Rise; Core Posts Biggest Gain Since 2008 (Original post)
CountAllVotes Aug 2018 OP
Bernardo de La Paz Aug 2018 #1
sandensea Aug 2018 #2
CountAllVotes Aug 2018 #4
sandensea Aug 2018 #5
CountAllVotes Aug 2018 #6
sandensea Aug 2018 #7
Bengus81 Aug 2018 #9
sandensea Aug 2018 #16
NewJeffCT Aug 2018 #8
Achilleaze Aug 2018 #3
JCMach1 Aug 2018 #10
LudwigPastorius Aug 2018 #11
Equinox Moon Aug 2018 #12
CabalPowered Aug 2018 #13
rurallib Aug 2018 #14
PSPS Aug 2018 #15
Cryptoad Aug 2018 #17
MissMillie Aug 2018 #18
elmac Aug 2018 #19
CountAllVotes Aug 2018 #20

Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 01:34 PM

1. Tax giveaway inflation. Explains stock market drop today, perhaps. . . .nt

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 01:37 PM

2. Here's hoping it doesn't reach double digits agin - like it did in 2008.

Dubya claimed 0.1% for the year (!).

Boy, I wish I had known where he was buying his gas, groceries, or getting his insurance, etc.

Everything went up by double digits that year - except of course wages.

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Response to sandensea (Reply #2)

Fri Aug 10, 2018, 01:46 PM

4. You better hope this does not turn into a replay of the late 1970s

I had no money to buy a car with (good loan was at 16.9%) so I had no car, just a crap job that paid $7.00/hr. which was abolished.

I found work elsewhere but never owned a car until I was in my 20s. My late uncle loaned me the money to buy it with at 6% interest which seemed like a great deal to me but ...

Anyway, finally paid my uncle off in the early 1980s and have never borrowed money to buy a car with since. I guess I learned the hard way about borrowing money (I hate doing it!).

Inflation inflation and the claim is that 60% of this "from a jump in shelter costs". If so, there are a lot more homeless or soon to be homeless folks out there. This is NOT GOOD.



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Response to CountAllVotes (Reply #4)

Fri Aug 10, 2018, 01:57 PM

5. That too. No doubt about it.

I'm very fond of Jimmy Carter - but inflation got the best of him, that's for sure (though at least he didn't lie about it, like Rove and the Midland Idiot did).

His appointment of Paul Volcker, though lauded by economists as a bold move (Carter's first Fed chairman, Bill Miller, had been reluctant to raise rates too quickly), probably did more harm than good. I think it was his biggest mistake.

Economists obssess over inflation; but often forget unemployment and other measures of well-being.

That said, it was a little before my time (I was born in the Carter years); but I've certainly heard stories not unlike yours - and about the very difficult first two/three Reagan years as well.

A quick look back:



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Response to sandensea (Reply #5)

Fri Aug 10, 2018, 02:09 PM

6. In 1982 ...

I was working in San Francisco at that time. You saw homeless people downtown in the mornings looking for a quarter.

You never saw what we are seeing now -- entire families living in a solitary automobile of some sort.

This is a disaster in the works, especially for those that are carrying a lot of debt.

As for RR, never was fond of him as a President. He was a puke and I learned about pukes from my old Dad. He used to say he never knew one that had a damned thing.

Right he was I always thought.

Vote the damn ticket in November!



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Response to CountAllVotes (Reply #6)

Fri Aug 10, 2018, 02:19 PM

7. Hear, hear.

Popular culture always remembers Reagan for the "rosy" 1983-89 period - but forget that a lot of that was thanks to the collapse in oil prices Carter had brought about just before that.

His conservation and output-promotion policies pushed imports down by half - and thus popped OPEC's price bubble. The mid-80s prosperity was a direct result.

Reagan was a much better salesman, of course - a talent he unfortunately used to con people into thinking prosperity can only "trickle down" to them. Basically, radicalizing them.

Dubya was even more shameless about that - to say nothing of Cheeto!

I just pray someone can counter all the vote hacking and flipping that's sure to happen this November.



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Response to CountAllVotes (Reply #4)

Fri Aug 10, 2018, 03:06 PM

9. Wasn't that bad here until Saint Ronnie took over in Jan 81

I worked in the housing industry,by late 1982 it had all but collapsed--and where I'm at new homes are affordable. Then he decide to do tinkle down V1.0 when killed basically everything. Aviation here all but shut down, Cessna stopped production on everything EXCEPT those biz jets for the rich.

It took YEARS to slowly recover and it was so bad at one point there were "Lay Reagan Off" bumper stickers here in Kansas.

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Response to Bengus81 (Reply #9)

Fri Aug 10, 2018, 04:25 PM

16. Great anecdote.

Thank you for sharing that.

The media has been very good as painting the Raygun years as one-long Gordon Gecko money fest - but for most Americans it certainly wasn't (especially in his unemployment-plagued first term).

And then, when things did pick up around '84, a lot of the demand was eaten up by imports - thanks largely to his policies.

My guess is that he would have probably not been re-elected had it not been for Grenada.

Thanks again.

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Response to sandensea (Reply #2)

Fri Aug 10, 2018, 02:51 PM

8. gas prices tanked in 2008

$4.11/gallon at the middle of the year to around $1.72/gallon just before election day

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 01:42 PM

3. Thanks republicans

This FAIL is entirely on you and your misleader, Dirty Donny, republican Draft-Dodger-in-Chief.

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 03:37 PM

10. Greedy landlords

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 03:53 PM

11. Inflation is rising faster than (already stagnant) wages.

https://www.bloomberg.com/news/articles/2018-08-10/u-s-consumer-prices-rise-in-july-annual-core-tops-forecast

A gauge of U.S. consumer prices jumped by the most in a decade in July, eating into wage gains that have barely budged in the past four months and strengthening the case for the Federal Reserve to keep raising interest rates gradually.

The core measure of the Consumer Price Index, which excludes food and fuel, rose 2.4 percent from a year earlier, the biggest advance since September 2008, a Labor Department report showed Friday. From the prior month, both the main CPI index and core rate rose 0.2 percent -- matching expectations.

While shelter costs gave a big boost to the results, steady consumer demand is underpinning inflation just as a trade war threatens to lift costs on a range of goods. Sustained progress toward the Fedís goal keeps the central bank on track for one or two more rate hikes this year even as price pressures are a blow to already weak increases in paychecks.

A separate Labor Department report on Friday showed inflation-adjusted wages were unchanged in July from the previous month and dropped 0.2 percent from a year earlier. The lack of much real wage growth has become a contentious issue for Republicans and Democrats heading into midterm congressional elections in November.

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 03:59 PM

12. I'm going to keep track of the price of some key items I use...

It is like doing my own price check. I will write down about 20-30 items in a notebook and re-check the prices every 2 months.

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 04:13 PM

13. It's going to get a lot worse.

I'm in manufacturing and nearly all our suppliers have either formally or verbally warned us of coming price increases.

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Response to CabalPowered (Reply #13)

Fri Aug 10, 2018, 04:17 PM

14. Trump's tariffs kicking in soon

that will hurt.

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 04:21 PM

15. "Excluding food and energy"

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 04:35 PM

17. This is going to be like VooDoo Economics on steriods!

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 04:46 PM

18. Taxes are cut, Prices rise, Wages stagnate....

This has been going on for more than 50 years.

And it will keep going on until people turn off Faux News.

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Response to CountAllVotes (Original post)

Fri Aug 10, 2018, 05:21 PM

19. low income, fixed income people are dying in this "YUGE" economy. nt

Last edited Fri Aug 10, 2018, 10:07 PM - Edit history (1)

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Response to elmac (Reply #19)

Fri Aug 10, 2018, 06:15 PM

20. +1,000

Its been a killer since the rates were cut to ZERO forcing many into the stock market that have no business being there like the ill and the infirm even many elderly I can add to this (they are out there!). I wonder have the already poor getting even more poor paying for the latest CON via the Don?



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