Touch off the rockets! Light the sparklers! Raise a joyous toast! That is because May’s inflation data came issuing this morning. And it disappointed expectations — or rather exceeded expectations. A Dow Jones survey of economists had divined a 3.
4% inflation rate. Yet the United States Department of Labor reported a mere 3.3% inflation rate.
We can only assume you are as gleeful as us. Media outlets are. They appear to believe it represents a triumph.
Does it? We are far from convinced that it truly represents a triumph. CNBC: Excluding volatile food and energy prices, core CPI increased 0.2% on the month and 3.
4% from a year ago.. Though the top-line inflation numbers were lower for both the all-items and core measures, shelter inflation increased 0.
4% on the month and was up 5.4% from a year ago..
. Let Them Eat Cake The price of eating — meantime — squeezed 0.1% higher last month.
A fresh report has surfaced claiming that 27% of Americans are passing over meals. Is it because they have taken up reducing regimens? It is not. Twenty-seven percent of Americans are passing over meals due to rising eating costs.
An additional 18% of Americans claim they have considered applying for assistance — that is, food stamps. Reports Foodandwine.com: Intuit Credit Karma, which provides information about financial products, says that more than one-quarter of the people it surveyed said they have skipped meals or sacrificed other spending due to rising costs.
.. According to the s.
