After the August US inflation report, I am going to have to start drinking cheap bottles of wine to cope with red hot inflation.
The August inflation report from the BLS shows that headline inflation is still hot, hot, hot at 8.2% YoY. Core inflation rose to 6.3%.
REAL average hourly earnings growth remain in the toilet at -3.06% YoY.
Fuel oil used to heat homes rose 68.8% YoY. Food at home rose 13.5% YoY while rent (shelter) rose “only” 6.2% YoY. Wow, renters are REALLY getting the short-end of the stick from The Fed and the Biden Administration!!
New vehicles are UP 10.1% YoY. Good luck buying those “cheap” electric cars that Mayor Pete Buttigieg trumpets! And wait for the bill when the battery needs to be replaced!!!