Inflation all but disappeared in May according to the latest figures from the BLS:
Headline inflation dropped to 0.07%—zero for all practical purposes—and core inflation dropped to 2.0%. Inflation in services also dropped, coming in at a very respectable 2.4%. That's good news since services inflation has been stubbornly high.
On a conventional year-over-year basis, headline inflation was down to 3.3% and core inflation was down to 3.4%.
The FED has been reluctant to lower interest rates. If they determine that rates should be lowered, but we are too close to the election, will they hold off until after the election?
Only if there is a Democrat in the White House will the Fed stay impartial.
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The Fed can't cut interest rates with that kind of wage inflation.
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Let's see if any MSM papers or stations use the precise, simple headline that you did. My guess? None.
Reports are 3.3%, down from 3.4% last month--which really does sound like prices went up 3.3% in the past month.
NPR was saying 3.3% up from one year ago. Not since May 2024. I kind of hate the way there has rarely been any distinction between annualized inflation rate and rate since the last whatever. It can lead to the wrong impression. Like, if inflation was 3.4% every month, that would be a thing -- and apparently what most people are assuming.
As they should, because Joe Biden is a Democrat. (sigh)
Since month/month inflation has dropped to very low values several times and then bounced back up in the last two years, the current essentially zero value is of no great significance. The fact is that it usually takes several months to see a meaningful trend, barring some major event that affects inflation. The year/year value is the more meaningful one, and it remains about the same (the difference between this month's and last month's values is not meaningful either).
But as Kevin has said, the current rate is nothing to really worry about. Food inflation, for example, has consistently been low. People who say that inflation is bad are either lying (like Trump) or don't know what they are talking about.
Re: food inflation. Well, it depends on what you're buying. Apples and tomatoes went through the roof, for some reason -- perhaps the season. On the other hand, bananas never stirred from 59 cents a pound. (And how is that possible??)
Did we hit bottom last summer? If you look at CPI sticky prices and median CPI, it looks like we slumped into a modest recession last summer.
Is that number adjusted for inflation?
Somehow, this has gotta be "Bad News for Biden and All Democrats."
Inflation is falling, but this single Dad in isn't just KNOWS it isn't. And that's a problem for Joe Biden.
NYT
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