Finance
January 1, Inflation Update – Make Sure You’re Sitting Down
Inflation hit a new 40-year high in February, reaching alarming levels even before Russia invaded Ukraine, further driving up energy prices.
According to the U.S. Bureau of Labor Statistics, the consumer price index increased 7.9% over the past year.
Food prices increased by 1%, and food at home jumped 1.4% — the fastest monthly gains since April 2020.
Energy spiked 3.5% last month, accounting for roughly one-third of the headline gain. Shelter costs increased another 0.5%, for a 12-month rise of 4.7% — the fastest increase since May 1991.
Treasury Secretary Janet Yellen said she expects another year of “uncomfortably high” inflation.
“I think there’s a lot of uncertainty related to what’s going on with Russia and Ukraine and I do think that it’s exacerbating inflation,” Yellen told CNBC.
“I don’t want to make a prediction exactly as to what’s going to happen in the second half of the year, you know, we’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high.”
Yellen’s prediction seemed to contradict White House press secretary Jen Psaki’s comments from earlier in the day, wherein she said the surging gas prices would be “temporary.”
“We rely on the assessment of the Federal Reserve and outside economic analysts who give an assessment of how long it will last. The expectations and their assessment at this point is that it will moderate at the end of the year,” Psaki said.
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Robert Bolino
March 12, 2022 at 7:35 am
Thank you DemocRat!!
wboehmer
March 12, 2022 at 8:15 am
Treasury Secretary Janet Yellen said she expects another year of “uncomfortably high” inflation.
Last May, Janet Yellen said, “My judgment right now is that the recent inflation that we have seen will be temporary. I expect it to last, however, for several more months.”
Hopefully, she’s wrong about everything.
Judy
March 12, 2022 at 9:23 am
I would believe Yellen before Jen Psaki and the Biden administration propaganda lies. Biden wants to blame everything and everyone, but himself for inflation. Our inflation is due to the climate demands that Biden is spending our tax dollars on and it is all a sham. Dem/Communists aren’t happy unless they are spending our money and it will do no good. He will destroy us and our country.
Militaryvet
March 12, 2022 at 9:29 am
Energy is the biggest rise. Which includes gas. Food prices up 1%. Because it is “made” in the USA. Fruits and vegetables is somewhat shipped in. Stop buying Mexico till they stop illegal crossings.