In November, the official government CPI rose by the highest annual amount since 1982. But for the most part, the mainstream media continues to sugar-coat inflation. Tucker Carlson is an exception. He’s one mainstream media figure who seems to grasp the full extent of the problem. He recently interviewed Peter Schiff on the rising cost of living.
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 latest seasonally adjusted inflation rate for November was .76% month over month, with a non-seasonally adjusted annual rate of 6.81%.
These numbers were generally in line with mainstream expectations that have finally gotten high enough to match the blistering hot inflation numbers coming out month after month.
Pretty much everybody now expects the Federal Reserve to go to war against inflation, but the central bank has a problem not many people seem to be talking about – an economy buried under debt. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about consumer debt levels and their ramifications. He also discusses central bank gold-buying and breaks the November CPI data live.
Inflation is running rampant. At first, the powers that be tried to convince us it wasn’t a problem because it was just a temporary phenomenon caused by coronavirus. (As if a virus could cause the money supply to increase.) But now, the transitory inflation narrative is dead. Jerome Powell recently admitted that it’s time to “retire” that word. The new strategy seems to be to try to convince you that rising prices are “good for you” and the broader economy. You can decide for yourself the veracity of that argument.
The Consumer Price Index blew past expectations in October as the “transitory” inflation narrative continues to unwind. CPI was up 0.9%. On an annual basis, the inflation rate was 6.2% compared with a 5.9% estimate. It was the highest annual CPI gain since 1990. The CPI stole the headlines, but the Producer Price Index also came in hotter than expected, up 8.6% on a year-on-year basis. After the PPI came out, Peter Schiff appeared on RT Boom Bust to talk about it.
He said double-barrel inflation is locked and loaded.
The October Consumer Price Index data came out this week. They expected it to come in hot. But not this hot. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the CPI numbers, along with another inflation index that looks even worse, and he wonders out loud how anybody can still buy into this “transitory” inflation narrative.
The October CPI data came in even hotter than expected, and we saw widespread price increases across multiple categories.
The following provides an in-depth analysis of the most recent CPI data.
Much hotter than expected CPI data for October stole the spotlight on Wednesday, but there was more bad news on the inflation front that received less attention. The annual Producer Price Index (PPI) increase in October tied September’s record, as rising producer prices continue to undercut the “transitory inflation” narrative.
The consumer price index was expected to come in hot yet again in October. It came in sizzling.
The actual CPI numbers for last month were even hotter than expected as “transitory” inflation remained well above 5% on an annual basis for the sixth straight month.
