Stuff Is Getting More Expensive
INFLATION AT SEVENTEEN-YEAR HIGH
FITSNews - August 14, 2008 - We could write a thousand words and not be able to sum up today’s news about inflation any better than this cartoon by Florida Today’s Jeff Parker. In fact, we’re just glad somebody finally told us what inflation is.
Basically, here’s how it works. Stuff is more expensive today than ever, and you can’t afford it. According to the Wall Street Journal …
Energy prices swelled 4% last month, according to Thursday’s report. Gasoline prices spiked 4.1%, and natural gas prices rose 7.4%. Food and beverage prices rose 0.9%. Medical care prices, meanwhile, increased a modest 0.1%.
But other core items posted sharp gains, a sign that higher headline inflation may have started seeping through the rest of the economy.
Clothing prices, for instance, rose 1.2% compared to June, a 10-year high. Transportation prices soared 1.7% on the month as airline fares swelled 1.3%, reflecting the rise in fuel prices. New vehicle prices advanced a modest 0.2%, reflecting falling demand.
Housing, which accounts for 40% of the CPI index, was up 0.6%. Rent increased 0.3%. Owners’ equivalent rent advanced 0.1%. However lodging away from home rose 0.7%, while home fuel and utilities posted sharp gains. Services prices rose 0.5%.
Yeah … keep in mind those increases are for one month, people. Last month. How much did your paycheck grow in July?
P.S. - There’s also stagflation, if you’re nasty.
Comments
By FWFIV on August 15th, 2008 at 6:22 am
Mande should read this, not long ago she was telling us the economic slow down was all in our minds.
By Mande on August 15th, 2008 at 4:36 pm
Whatever the stats show, I stand by my assertion that people are living damn well…and the sentiment is catching on, thanks in some way to me for cutting through the pitiful refrain. Check out some recent writings of Ben Stein, Froma Harrop, Walter Williams…or just google the phrase “economy not that bad.” It might be worse than it was a year ago, and worsening still, but it’s not *that* bad…not yet.