Asia Times: US Inflation more horrible than Washington admits
Shelter inflation is running at 10%-15% a year, not the reported 3.4%, and that’s a third of household budgets
The US Consumer Inflation Report for October was horrible, showing a 12% annualized rate of price change. But it’s even worse than it looks.
The shelter component of the index lags the more reliable private gauges of rent inflation.
That means worse is to come.
Three US companies publish national rent indexes – CoreLogic, Zillow and Apartmentlist.com – and their readings of year-on-year rent inflation range from 9% to 16%.
But the US Bureau of Labor Statistics reports a year-on-year rise in the rents of just 3.4%. Shelter represents a third of household expenditures according to the Consumer Price Index.
Read more ....
WNU Editor: The US is not the only country experiencing high levels of inflation .... China has a big inflation problem and it's pushing up prices worldwide (CNN).
4 comments:
Ah yes, Dr. Doom, David Goldman, one of the most miserable economic commenters on the Intertubes.
This guy has by crying wolf about the supposed "China" threat for years. A little inflation isn't a terrible thing. Employers are just pissed that they have to raise wages.
Raising wages is not the answer. Relative wages for work performed is.
Of you wage doubles in a year, but everyone else wages quadruple, then you lose.
Inflation is everywhere because State intervention was everywhere too. All governments want people don't feel the pain with the COVID and spend money for "compensation". Well, the pain is now.
Wow, the state and private sector intersect? Never knew that!
Darn State!
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