After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) reflected a 9.1% year-over-year increase, July’s CPI data has come in lower with a year-over-year increase of 8.5%. Economists polled by media publications estimated that July’s CPI data would print 8.7%, however, July’s core CPI, the government’s broadest measure of inflation, remained the same as June.
CPI Report Shows Inflation in the US May Have Peaked, Stocks, Cryptos, and Precious Metals Jump Higher
The Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all jumped significantly higher in value after the U.S. Bureau of Labor Statistics published July’s inflation report. Additionally, precious metals and cryptocurrencies saw a rise on Wednesday as well, as bitcoin (BTC) jumped over 4% higher, gold increased by 0.35%, and silver jumped 1.43% in value against the U.S. dollar.
Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W
— Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022
The Consumer Price Index (CPI) report for July 2022 said: “The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment.” The inflation report adds:
The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.
Bankrate’s chief financial analyst Greg McBride told Yahoo Finance reporter Alexandra Semenova that the gas price drop was good for the economy, but it doesn’t fix inflationary pressures. “The drop in gasoline prices has been very welcome, but that doesn’t solve the inflation problem,” McBride said. “Consumers are getting a break at the gas pump, but not at the grocery store.” Moreover, many people have issues with the way the Bureau of Labor Statistics calculates CPI.
Truflation CEO Says True Inflation Is Running at 9.6% Today, Schiffgold Author Claims Government Formula Understates Real Inflation Numbers
Data from shadowstats.com’s alternative inflation charts show inflation is much higher than the reported numbers published by…
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