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Re: ZERO Percent Inflation in July! [Re: DaveP] #7647350
08/11/22 08:26 AM
08/11/22 08:26 AM
Joined: Dec 2020
Posts: 796
Wisconsin
Scott__aR Offline
trapper
Scott__aR  Offline
trapper

Joined: Dec 2020
Posts: 796
Wisconsin
Just wait for it ... The price of gas will be going back up when the refineries start producing heating oil for the coming winter.


Megapredator ... top of the food chain!
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Re: ZERO Percent Inflation in July! [Re: DaveP] #7647365
08/11/22 08:48 AM
08/11/22 08:48 AM
Joined: Jan 2007
Posts: 19,080
Georgia
warrior Online content
trapper
warrior  Online Content
trapper

Joined: Jan 2007
Posts: 19,080
Georgia
I read an article this morning explaining the numbers.

The "zero" comes from this month being only 8.5% above this time last year while last month was 9.5 same time last. So inflation didn't grow, I'm surprised they didn't claim it was going down.

But it went on to explain the why. As the recession looms folks quit spending so inventory sits unsold and vendors start discounting. Hence, less inflation but in reality merely a syptom of the worsening problem.

The article also mentioned perishables and grocery which are indeed much higher as they are insulated, as the article said, due to being both perishable and a permanent needed purchase.

If I can find the link I'll post it.

Re: ZERO Percent Inflation in July! [Re: DaveP] #7647370
08/11/22 08:54 AM
08/11/22 08:54 AM
Joined: Jan 2007
Posts: 19,080
Georgia
warrior Online content
trapper
warrior  Online Content
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Joined: Jan 2007
Posts: 19,080
Georgia
https://www.dailysignal.com/2022/08/10/new-inflation-numbers-suggest-more-economic-pain-is-on-way/

The Daily Signal
Ignore Biden Talk About Zero Inflation. Here’s the Reality.
Peter St. Onge
17 hours ago


"Today, we received news that our economy had 0% inflation in the month of July — 0%," said President Joe Biden, pictured at a signing ceremony for the CHIPS and Science Act on the South Lawn of the White House on Aug. 9. (Photo: Chip Somodevilla/Getty Images)

The highly anticipated consumer price index numbers for July came out Wednesday, and while energy fluctuations drove the headline number down, ominous trends show President Joe Biden’s inflation will continue to devastate the American people.

The headline consumer price index came in at 8.5% year-over-year inflation, down from last month’s read of 9.1% year-over-year and unchanged over the month. The latter led to Biden taking a victory lap bragging about “zero inflation”—which would be news to most Americans.

The problem is this month’s moderation was driven by two things, neither of them good: impending recession and the cynical use of our Strategic Petroleum Reserve to game crude oil prices. Without those factors, inflation would actually be accelerating.

First, the recession. Two weeks ago, the Bureau of Economic Analysis announced the American economy had entered its second quarter of negative real economic growth. That has been the definition of a recession for 75 years, despite the Biden administration’s attempts to rewrite definitions. Recessions generally lower prices because consumers pull back, leaving unsold inventory that businesses have to discount to sell.

Indeed, last month’s numbers show prices of goods except for energy moderating, even as prices in the much larger services segment accelerated. Meanwhile, food prices, which are insulated from recession demand changes, hit a fresh 50-year high, rising 13.1% year-over-year.

Goods discounting could get worse in the coming months as recession hits inventories bloated over the supply chain crises. In short, companies overbought to compensate for stuck supply chains, and with recession on the horizon, they’re stuck with unsold inventory that they may have to sell at a loss.

Walmart and Target have already warned on earnings and markdowns, with more likely to come.

Crashing the consumer while pumping out trillion-dollar spending bills is no way to fix inflation, but it’s par for the course for this administration, which serves activists first and leaves the American people to pay the price.

The second distortion in this month’s inflation moderation is energy. The Biden administration is cynically draining our Strategic Petroleum Reserve to the tune of 1 million barrels per day right up through Oct. 31—coincidentally, just days before the midterm elections on Nov. 8.

This is eating the seed corn instead of planting the crop, and this administration is using the Strategic Petroleum Reserve as a political Band-Aid to hide the oil supply it’s choking off.

Unfortunately for the American people, Biden’s Band-Aid can only last so long. He’s already sold fully one-quarter of the entire Strategic Petroleum Reserve, which took generations to build up, reducing it to its lowest level since 1987. At this pace, the entire reserve would run dry in 18 months, leaving our country fully exposed in any war, supply disruption, or genuine crisis.

Even draining the reserve at historic rates has so far simply hidden lost production under Biden, without touching the new production we might have had.

Since late 2019, American production of oil has dropped by roughly 1 million barrels per day—almost precisely Biden’s release. But production should have dramatically increased, given oil prices nearly doubled since 2019, going from $50 per barrel to nearly $90 today. Indeed, the last time oil prices doubled, from 2016 to 2018, production increased by more than 30%.

That new production would have tempered or even canceled gasoline price hikes, leaving us much closer to President Donald Trump’s 2019 price of $2.65 per gallon. Instead, not only are Americans coping with a current national average gas price of $4 a gallon, Biden’s running down the Strategic Petroleum Reserve at historic rates just to keep it from rising.

Over the coming months, ongoing recession concerns could keep tempering goods and energy inflation, but the underlying cause of government spending is actually getting worse. The historic increase in money supply over the past two years—a pace faster than that of the “Great Inflation” of the 1970s—will continue driving up prices and squeezing the American people, while keeping the federal government flush with cash.

This administration’s word games, Band-Aids, and parade of trillion-dollar spending bills already enacted—with yet another one poised to clear Congress on Friday—suggest Biden’s inflation will continue for months, if not years, to come.

Instead of crashing the economy and draining the Strategic Petroleum Reserve, the fastest way to curb inflation is to radically cut government spending and end the war on production, particularly on oil.

Federal spending is $1.5 trillion higher than before the COVID-19 pandemic, and nearly $4 trillion higher than the Clinton era. Putting the federal government on a long-overdue diet would go a long way to reining in runaway inflation, but it will take more than the gimmicks and excuses the American people are getting from Washington.

Have an opinion about this article? To sound off, please email letters@DailySignal.com and we’ll consider publishing your edited remarks in our regular “We Hear You” feature. Remember to include the url or headline of the article plus your name and town and/or state.

Categories: Economy
Tags: morningbell
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Re: ZERO Percent Inflation in July! [Re: DaveP] #7647426
08/11/22 10:20 AM
08/11/22 10:20 AM
Joined: Feb 2022
Posts: 140
Arkansas
W
WhiteCliffs Offline
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WhiteCliffs  Offline
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Joined: Feb 2022
Posts: 140
Arkansas
And the problem is, a large percentage of the population is stupid enough to believe him

Re: ZERO Percent Inflation in July! [Re: DaveP] #7647481
08/11/22 11:49 AM
08/11/22 11:49 AM
Joined: May 2010
Posts: 9,270
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 9,270
mn north of blakely
The problem is most people don't know what inflation is and what causes the rate to rise.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: ZERO Percent Inflation in July! [Re: DaveP] #7647615
08/11/22 02:24 PM
08/11/22 02:24 PM
Joined: Jan 2007
Posts: 19,080
Georgia
warrior Online content
trapper
warrior  Online Content
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Joined: Jan 2007
Posts: 19,080
Georgia
Free money, lots and lots of free money.

Re: ZERO Percent Inflation in July! [Re: DaveP] #7647900
08/11/22 08:13 PM
08/11/22 08:13 PM
Joined: Dec 2020
Posts: 796
Wisconsin
Scott__aR Offline
trapper
Scott__aR  Offline
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Joined: Dec 2020
Posts: 796
Wisconsin
How can I get free money? I need truly free money! Send me some free money, please, pretty please, with suger on it, hahaha lmao!


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Re: ZERO Percent Inflation in July! [Re: DaveP] #7647936
08/11/22 08:51 PM
08/11/22 08:51 PM
Joined: Sep 2013
Posts: 14,212
Green County Wisconsin
G
GREENCOUNTYPETE Offline
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Posts: 14,212
Green County Wisconsin
a co-worker and I were comparing oil change costs , he can log into the account and see all his purchase history from the places he buys from

5 quart jug of synthetic oil Jan 2022 34.99 and to day it is 39.95 a 13% change in 8 months for the same jug of oil.

the oil I buy was 2.59 a quart on sale this spring it used to be 2.49 and the year before that 2.39 a quart and is now 2.79 a quart which makes it about the cheapest oil available
a 7.2% change since April


America only has one issue, we have a Responsibility crisis and everything else stems from it.
Re: ZERO Percent Inflation in July! [Re: DaveP] #7648214
08/12/22 09:01 AM
08/12/22 09:01 AM
Joined: Sep 2012
Posts: 1,228
mi. u.p
grapestomper Offline
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Joined: Sep 2012
Posts: 1,228
mi. u.p
I bought rye for some food plots the other day.
$14/bag last year. $21/bag this year. 4-5 years ago it was $8
Fertilizer and weed killer prices are ridiculous.

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