CNBC is the most reliable part of NBC News. They report consumer prices rose 3.5% in the past 12 months. In addition to which,
Excluding volatile food and energy components, core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year ago.
The political implications of this continued rise are, I hope, obvious to the interested observer. Voters blame the party in power, in this case the Democrats. This refutes their claim that inflation is in any way “past” or “over.”
On the contrary, it continues to be nearly twice what the FRB would like. Thus interest rates will stay high and mortgages will stay unaffordable.
