Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

[mahatmakanejeeves]

Source: CNBC

ECONOMY

Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

PUBLISHED WED, MAY 11 2022 * 8:30 AM EDT * UPDATED 5 HOURS AGO

Jeff Cox
@JEFF.COX.7528
https://facebook.com/jeff.cox.7528
@JEFFCOXCNBCCOM
https://twitter.com/JeffCoxCNBCcom

KEY POINTS

-- The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.
-- Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.
-- Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.
-- Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

Inflation rose again in April, continuing a climb that has pushed consumers to the brink and is threatening the economic expansion, the Bureau of Labor Statistics reported Wednesday.

The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain. That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.

Removing volatile food and energy prices, so-called core CPI still rose 6.2%, against expectations for a 6% gain, clouding hopes that inflation had peaked in March.

The month-over-month gains also were higher than expectations — 0.3% on headline CPI versus the 0.2% estimate and a 0.6% increase for core, against the outlook for a 0.4% gain.

{snip}

Read more: https://www.cnbc.com/2022/05/11/cpi-april-2022.html

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I'll get a news source for this soon.

CNBC, perhaps?

https://www.cnbc.com/2022/05/11/cpi-april-2022.html

ECONOMY

Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

PUBLISHED WED, MAY 11 2022 8:30 AM EDT

Jeff Cox
@JEFF.COX.7528
@JEFFCOXCNBCCOM

Inflation as gauged by the consumer price index was expected to rise 8% year-over-year in April, according to Dow Jones estimates.

This is breaking news. Please check back here for updates.

-- -- -- -- -- --
U.S. inflation eased slightly in April to an 8.3% annual rate, dropping for the first time in eight months as energy prices moderated

wsj.com
Economists Estimate Rapid Pace of U.S. Inflation Eased in April
Moderating energy prices helped bring down price growth, for what could be the first slowing of consumer-price increases in eight months.

Link to tweet

[BumRushDaShow]

1. WaPo just had this slight of hand

Link to tweet

The Washington Post
@washingtonpost
Inflation edged down to 8.3% in April compared to a year ago, remaining near 40-year highs
washingtonpost.com
Will inflation have eased up in April?
April figures, to be released by the Bureau of Labor Statistics on Wednesday, could show encouraging signs. But there’s a long way to go.
8:32 AM · May 11, 2022

But with this actual article headline -

Prices rose 8.3 percent in April compared to 2021, showing potential signs of leveling off

By Rachel Siegel
Today at 6:00 a.m. EDT|Updated today at 8:31 a.m. EDT

Prices rose 8.3 percent in April compared with a year ago, giving policymakers some nascent hope that soaring inflation may be starting to slow down, even as households continue to feel the pain.

Data released Wednesday by the Bureau of Labor Statistics shows prices rose 0.3 percent in April compared to the month before. In the past few months, the war in Ukraine, along with coronavirus shutdowns in China, have roiled global energy markets and dealt the latest blow to supply chains, pushing prices even higher as families struggle to pay for the basics.

(snip)

https://www.washingtonpost.com/business/2022/05/11/april-cpi-federal-reserve/

Will be keeping an eye on the CPI-W build-up to 3rd quarter for the future COLA next year.

Oh and good morning!

[doc03]

2. The way understand this inflation dropped to .3% in April that is 3.6% annually

a very good sign.

[FBaggins]

4. The way you understand inflation is incorrect

They don't annualize individual months' figures (that would be far too volatile). They look at the actual change over the previous year.

Also - the more relevant core inflation figure was both higher than last month and higher than expected.

This was not a good sign (let alone a very good one). Which is why the immediate market reaction was negative

[doc03]

5. I understand year over year but if it continues at .3% for several months that

year over year figure would go down substantially.

[Taraman]

3. I'm hoping that the inflation scare was just a flash caused by post-Covid and supply chain problems

Now if Big Oil would just stop gouging.

[ruet]

6. "Scare"?

This isn't a "scare". It's an actual, ongoing, problem. Before this BS I used to try to keep my weekly grocery between $100 and $150 a week. These days Im lucky if I can keep it under $250. And yes, the rate of inflation may wane but the current high prices are here to stay. Do you believe the Capitalists are going to just give up these fat margins out of the goodness of their hearts?

[mnhtnbb]

9. I usually spend about $200 when I go

to the grocery store. I admit I don't have to stick to a budget. At my age I'm tired of cooking and it's only me. So I do buy frozen goods and stuff that's easy to make one or two portions. I don't want to eat the same thing for three days.

But I look at the few bags on the counter when I get home and can't believe how little I have for how much I've spent.

[Marthe48]

7. How much gouging is deliberate attempts to ruin Pres. Biden

I can't it out of my head, especially after abbott's 'inspections' slowed supply chains from Mexico into the U.S. in April, that raising prices is another weapon against democracy. Pretty sure the people trying to dismantle our government don't give a damn how many people suffer as they attack us any way they can.


I can do without. I can't explain to my cat why she won't get the food she's used to.

[mopinko]

10. they did it to jimmy carter.

call me ct, but imho the whole 'gas crisis' was the saudis and their opec buddies takin out the guy w the solar panels.

[Marthe48]

11. I was thinking of Jimmy Carter

We went through the whole gas crisis/inflation/job loss at that time too. I wasn't nearly as aware then as I am now. The r's have no clue what they are rousing.

I would never call you a ct. It might be speculation, but it might not be idle speculation.

[mopinko]

12. all rooted in gas prices. economic warfare.

and before it was russia pulling the strings, it was the saudis.

[Marthe48]

13. Read a article in Playboy in the 70s

The author went over the many times that oil companies used the fear tactic of 'running out of oil in the next decade'. They'd tossed it out 5 times from the 1920s to the 1970s, and the world swallowed it hook, line, and sinker.

I read a good line later, somewhere else: We won't have solar power until the power companies figure out how to put a meter on a sunbeam.

I am thrilled to see alternative energies finally taking the stage. Fingers crossed that future generations aren't held hostage to big oil and greedy humans running those companies.

[brooklynite]

14. When the price of almost everything goes up, its not a plot...

[TiberiusB]

17. That's not necessarily true

Last edited Thu May 12, 2022, 11:29 AM - Edit history (1)

It can be a knock on effect. Rising costs of oil can impact fertilizer, shipping, plastics and rubber, airline fuel, and so on. So, price gouging by oil companies can drive a multitude of costs up. That might not be a plot by all, but possibly by some.

[Torchlight]

19. Record oil profits in 2022 are just an irrlevant distraction.

And factor into nothing. Not even pump prices.

A bit too long for a bumper sticker, but holds the same weight of wisdom.

[mnhtnbb]

8. Well, the coffee I buy was up 50% per can

When I went to the grocery store last week. Something doesn't compute.

[VarryOn]

15. And my 401k is down...

I haven’t been able to look in last couple of weeks. Ugh!

[Shermann]

18. Prices are going through the roof while our savings go down the drain! nt

[mahatmakanejeeves]

16. From the source:

CPI for all items rises 0.3% in April; shelter, food, airfare indexes rise

Economic News Release USDL-22-0835

Consumer Price Index Summary

Transmission of material in this release is embargoed until 8:30 a.m. (ET) May 11, 2022

Technical information: [phone] * [e-mail] * www.bls.gov/cpi
Media Contact: [phone] * [e-mail]

CONSUMER PRICE INDEX - APRIL 2022

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.

Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over the month as the food at home index rose 1.0 percent. The energy index declined in April after rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting increases in the indexes for natural gas and electricity.

The index for all items less food and energy rose 0.6 percent in April following a 0.3-percent advance in March. Along with indexes for shelter, airline fares, and new vehicles, the indexes for medical care, recreation, and household furnishings and operations all increased in April. The indexes for apparel, communication, and used cars and trucks all declined over the month.

The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.

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