January’s inflation numbers are in, and they indicate that any optimism about Bidenflation showing down is going to be short lived.
According to CNBC:Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers.
The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.
Rising shelter costs accounted for about half the monthly increase, the Bureau of Labor Statistics said in the report. Energy also was a significant contributor.
Average hourly earnings fell 0.2% for the month and were down 1.8% from a year ago, according to a separate BLS report.
While inflation is at least down from the four decade highs it reached last year, this report indicates a reacceleration is a real possibility. Even former Obama economist Jason Furman noticed as much when reacting to the numbers on CNBC after they broke, telling the host "Nothing in this number gives me comfort,” and that there’s no way inflation could come down below 3% without a recession. “This inflation issue is real. I don’t think it is going away anytime soon, and I think anyone who is overly calm about it is making me nervous.”January #inflation report:
— Patrice Lee Onwuka 🇫🇰🇺🇸 (@PatricePinkFile) February 14, 2023
Inflation 🔺 6.4% year over year
Shelter 🔺7.9%
Groceries 🔺 11.3%
Flour 🔺29.4%
Bread 🔺14.9%
Chicken 🔺 10.5%
Eggs 🔺70%
Milk 🔺11%
Fuel oil 🔺 27.7%
Will this claiming credit for falling prices take blame for these numbers?@iwf
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Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros
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