Inflation = printing money (check) + expectations (check). Everything else is just propaganda. Believe your own bank accounts.
In July, government data revealed a 3.2% annual rise in inflation, surpassing June’s 3% increase and slightly below economists’ forecasts. Core inflation excludes volatile energy and food costs from its calculation, matched a two-year low. Of course, “core inflation” is a laughable excuse of a useful economic figure. Though consumer sentiment is improving, it remains below pre-pandemic and pre-Biden levels, given persistently high prices. Americans prioritize their own lived experience with prices over official inflation figures. While costs of certain goods and services have stabilized, prices at grocery stores, restaurants, and gas stations remain significantly higher than pre-Covid levels. Overall, consumer prices have surged around 17% since February 2020.
TARGETNEWS’S OPINION: Raising interest rates again and again is not enough to stop inflation. The genie is out of the bottle and no pre-election propaganda can conceal that.
