Inflation rose 8.6% in May, highest since 1981

[DigitalDrifter]

This is insane!

KEY POINTS

• The consumer price index rose 8.6% in May from a year ago, the highest increase since December 1981. Core inflation excluding food and energy rose 6%. Both were higher than expected.
• Surging food, gas and energy prices all contributed to the gain, with fuel oil up 106.7% over the past year.
• Shelter costs, which comprise about one-third of the CPI, rose at the fastest 12-month pace in 31 years.
• The rise in inflation meant workers lost more ground in May, with real wages declining 0.6% from April and 3% on a 12-month basis.

Inflation rose 8.6% in May, highest since 1981

The consumer price index for May was expected to increase 8.3% from a year ago, according to Dow Jones estimates.

www.cnbc.com

 

[DigitalDrifter]

Oh shit, another black Friday.

Dow falls 700 points, Nasdaq drops nearly 3% after inflation reading hits 40-year high​

Dow dives 800 points, S&P 500 posts worst week since January after inflation hits 40-year high

Stocks fell as investors digested the latest inflation report.

www.cnbc.com

 

[JoeMoma]

It's going to get worse before it gets better.

 

[Resnic]

This is insane!

KEY POINTS

• The consumer price index rose 8.6% in May from a year ago, the highest increase since December 1981. Core inflation excluding food and energy rose 6%. Both were higher than expected.
• Surging food, gas and energy prices all contributed to the gain, with fuel oil up 106.7% over the past year.
• Shelter costs, which comprise about one-third of the CPI, rose at the fastest 12-month pace in 31 years.
• The rise in inflation meant workers lost more ground in May, with real wages declining 0.6% from April and 3% on a 12-month basis.

Inflation rose 8.6% in May, highest since 1981

The consumer price index for May was expected to increase 8.3% from a year ago, according to Dow Jones estimates.

www.cnbc.com

The last comment was something to point out.

The current administration keeps talking about wages going up. And patting themselves on the back for it as if they personally did it.

But the problem is it only went up for non skilled labor and entry level people, but inflation made those raises pointless as they are still where they were before the increase.

And for people like me who worked hard to become skilled labor and finally making a decent living the inflation in essence decreased my pay. Last year I was finally glad I was making comfortable wages when I took my new job, now it's like I never left my old job because inflation and gas prices took away all my new earnings. So now I am smarter, more responsible, more weight on my shoulders at work for nothing gained.

I can't even afford to drive to see my grandma every Sunday like I used to because the gas puts me over budget. I used to see her every Sunday, now it's once a month. And that hurts me and it angers me because I love her more than anyone else. She tries to give me gas money but I can't take it because she is 93 and not swimming in cash.

 

[flan327]

It's going to get worse before it gets better.

Meh

 

[JoeMoma]

Meh

Meh your Meh.

 

[Hang on Sloopy]

Oh shit, another black Friday.

Dow falls 700 points, Nasdaq drops nearly 3% after inflation reading hits 40-year high​

Dow dives 800 points, S&P 500 posts worst week since January after inflation hits 40-year high

Stocks fell as investors digested the latest inflation report.

www.cnbc.com

No more mean tweets though. Well worth it Huh?

Just think of it as For the Greater Good

 

[DigitalDrifter]

The last comment was something to point out.

The current administration keeps talking about wages going up. And patting themselves on the back for it as if they personally did it.

But the problem is it only went up for non skilled labor and entry level people, but inflation made those raises pointless as they are still where they were before the increase.

And for people like me who worked hard to become skilled labor and finally making a decent living the inflation in essence decreased my pay. Last year I was finally glad I was making comfortable wages when I took my new job, now it's like I never left my old job because inflation and gas prices took away all my new earnings. So now I am smarter, more responsible, more weight on my shoulders at work for nothing gained.

I can't even afford to drive to see my grandma every Sunday like I used to because the gas puts me over budget. I used to see her every Sunday, now it's once a month. And that hurts me and it angers me because I love her more than anyone else. She tries to give me gas money but I can't take it because she is 93 and not swimming in cash.

Yes, and unless you're getting a raise every month now, you'll likely never keep up with this kind of inflation.

 

[bendog]

Consumer Price Index Summary - 2024 M10 Results

www.bls.gov

Inflation Surges to Its Highest Point in Decades. Here's What That Means for You

Prices continued to rise in May, putting additional strain on US consumers.

www.cnet.com

That's really bad report. There had been some hope that - aside from energy and lesser in food - inflation for manftred goods would continue abating, and while inflation in services would be higher, people can more easily do without them, and the fed's rate hikes might already be having an effect.

Pay attention to this number in today's US inflation report

I guess we can kiss those optimistic thoughts aside and hope the recession begins ... soon.

 

[struth]

Welcome to Joey Xiden and the Dems America.

 

[Delldude]

It was reported Biden gets very upset with comparisons to the Carter administration.

 

[bendog]

Welcome to Joey Xiden and the Dems America.

It is a global issue, if you read the links. Not that I was a fan of the "aborted" build back better, or even the last stimulus, that did pass.

 

[struth]

It was reported Biden gets very upset with comparisons to the Carter administration.

The Carter admin should be upset for being compared to this train wreak

 

[struth]

It is a global issue, if you read the links. Not that I was a fan of the "aborted" build back better, or even the last stimulus, that did pass.

No, it's a Xiden issue....welcome to his world

 

[Delldude]

It is a global issue, if you read the links. Not that I was a fan of the "aborted" build back better, or even the last stimulus, that did pass.

Meh....EPA refinery issue here.

 

[KissMy]

Oh shit, another black Friday.

Dow falls 700 points, Nasdaq drops nearly 3% after inflation reading hits 40-year high​

Dow dives 800 points, S&P 500 posts worst week since January after inflation hits 40-year high

Stocks fell as investors digested the latest inflation report.

www.cnbc.com

You were cheering when Trump printed 5 times the money supply pumping up the stock market when everyone was staying home. You idiots can't face reality.

 

[Delldude]

You were cheering when Trump printed 5 times the money supply pumping up the stock market when everyone was staying home. You idiots can't face reality.

You mean carried on the programs Obama created?

 

[bendog]

No, it's a Xiden issue....welcome to his world

JFC, I'm no Biden fan, but you suck Trump's cock. Wake the fuck up, and look around.

 

[struth]

JFC, I'm no Biden fan, but you suck Trump's cock. Wake the fuck up, and look around.

I am looking around...Trump has nothing to do with Xiden's America.

Look around....literally look around...you won't see much on the selves...welcome to joey xiden's America

 

[JoeMoma]

Please stop

Are you proposing a "cease fire" on Mehing? Which you started by the way? I'll stop since I have in the last Meh.