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We were assured by the chattering classes that, by now, inflation - ignited by Trump’s tariffs - world be devastating the American economy. But today’s CPI numbers were, again, benign. The month-over-month number was less than 0.1% (0.08%).
Toward the end of the Biden (or whoever was driving) administration prices were accelerating.
Since January, prices are still going up, but at a very slow rate and decelerating. So far, so good.
Discussion (102)
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More details:
"Energy slipped 1% on the month, while new and used vehicle prices posted respective declines of 0.3% and 0.5%. Within energy, gasoline posted a 2.6% drop that took the year-over-year decrease to 12%.
Food increased 0.3% as did shelter, which the BLS said was the “primary factor” in the otherwise modest CPI increase. Egg prices fell 2.7% but were still up 41.5% from a year ago. Apparel posted a 0.4% drop.
Though shelter prices rose on the month, the 3.9% annual increase is the lowest rate since late 2021.
With the modest inflation moves, real average hourly earnings increased 0.3% for the month and were up 1.4% from a year ago."
So far so good, indeed.
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But . . . but . . . we've been assured it'd be a disaster!
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Real Soon Now. (h/t Jerry Pournelle, as far as I know)
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Skyrocketing?
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Give it time... unemployment and prices will both go up.
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