Consumer prices rose in March at the fastest monthly pace in 8.5 years as the reopening of the economy picked up steam.
The Labor Department said Tuesday that the consumer price index rose 0.6% month over month, quickening from last month’s 0.4% increase. The reading made for the highest monthly increase since August 2012.
Prices jumped 2.6% year over year, up from a 1.7% annual increase in February.
Economists surveyed by Refinitiv had expected consumer prices to rise 0.5% from the prior month and 2.5% versus the last year.
Gasoline prices rose 9.1% in March, making up nearly half of the index’s gains. Elsewhere, natural gas prices rose 5% and food both at home and away from home saw a 0.1% increase.
Last week, Brian said food prices were going up even more, and he also said the price increases were not “transitory”:
Regardless, moments ago, the
Ministry of Plenty Bureau of Labor Statistics released its Consumer Price Index, the CPI, for the month of March, 2021.
Interestingly, when it comes to anybody not on the party’s dole, the Fed and the Federal Government continue to have the consensus well conditioned:
With textbook worthy ranges like that, the propaganda really is something, isn’t it?
Now, the CPI is just one measure of inflation, produced by the BLS, and there are other regular reports on inflation as well, such as the Price Consumption Expenditure, the PCE, which is the Fed’s go-to report and the data referenced when Jerome Powell talks about the Fed’s current goal of killing off the US dollar at a rate moderately above 2.0% for some time, so that the rate averages 2.0% over time.
Still, for workers, retirees, pensioners, and anybody really, especially those who get a cut of the money printing action in one way or another directly from Uncle Sam himself, the CPI matters, and according to the BLS, in the month of March, 2021, prices are up 2.6% from last March: