Global food prices were up 33% in August from a year earlier. Food is now more expensive than almost anytime in the past six decades: UN data. t.co/7wPRatieES pic.twitter.com/cml9Hlo3LL
— Lisa Abramowicz (@lisaabramowicz1) September 15, 2021
Priciest Food Since ’70s Big Challenge For Govts…
Media Tries to Downplay Latest Inflation Report
It’s no secret that the mainstream media has a left-leaning bias. So it’s not exactly surprising that when alarming new inflation data were released on Tuesday, many journalists and media outlets attempted to downplay the story. After all, rising concerns about inflation could hamper the federal government’s ongoing efforts to massively increase government spending and expand the welfare state.
Here are just a few examples of countless reports that sought to downplay the just-released inflation figures. For one, the Washington Post dubbed the new numbers “an early sign that inflation could be easing.” And CNBC went with a different spin in its headline: “Consumer prices post smaller-than-expected increase in August.”
Meanwhile, many left-leaning commentators and analysts argued that the new data vindicate their claims that recent price inflation is just “transitory.” (Aka temporary.)
Inflation continues to look like a temporary, transitory problem that is mostly working itself out. t.co/JI6liSEmtG #inflation
— Jim Kessler (@ThirdWayKessler) September 14, 2021
US Export Prices increased 16.8% over the last year while Import Prices increased 9.0%.
Charting via @ycharts pic.twitter.com/SjUvPCyDgv
— Charlie Bilello (@charliebilello) September 15, 2021
To exclude lingering impacts from recession (“base effects”), we can look at the absolute level of prices, rather than the rate of change. Indexed to Feb. 2020, prices are still quite elevated. pic.twitter.com/dxXqzaiWG8
— Steven Rattner (@SteveRattner) September 14, 2021
UK 5YR BREAKEVEN INFLATION RATE HIT NEW RECORD
Lehman level has been broken pic.twitter.com/SSLroGTXNG
— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) September 15, 2021
Hiring in the US has stalled
🚨🚨🚨 pic.twitter.com/AZ0uptAyZe
— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) September 15, 2021
Good morning: bad news from China – domestic demand is bad, especially retail sales which slowed to 2.5%YoY! pic.twitter.com/VcUQUaSB5W
— Trinh (@Trinhnomics) September 15, 2021