Inflation hit a fresh 40-year high in February, largely driven by higher gas prices. The consumer price index climbed 7.9% on an annual basis, according to data released on Thursday by the Bureau of Labor Statistics.
The year-over-year reading is in-line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.
Gas jumped 6.6% in February and accounted for almost a third of price hikes.
Worker paychecks fell further behind, as inflation-adjusted earnings dropped 0.8% in February, contributing to a 2.6% decline over the past year.
Energy also was at the forefront of ballooning prices, up 3.5% for February and accounting for about one-third of the headline gain. Shelter costs, which account for about one-third of the CPI weighting, accelerated another 0.5%, for a 12-month rise of 4.7%, the fastest annual increase since May 1991.
Inflation has roared higher amid an unprecedented government spending blitz coupled with persistent supply chain disruptions that have been unable to keep up with stimulus-fueled demand, particularly for goods over services.
Recent surveys, including one this week from the National Federation of Independent Business, show a record level of smaller companies are raising prices to cope with surging costs.
In other economic news, jobless claims for the week ended March 5 totaled 227,000, higher than the 216,000 estimate and up 11,000 from the previous week, the Labor Department said.
MacDailyNews Take: Apple shares are currently trading down $4.04 (-2.48%) at $158.91.
Obviously, inflation is an ongoing concern for everyone – and every company – involved in the U.S. economy.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Earlier this year, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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Looks like the leftist cabal called “President Joe Biden,” installed by unconstitutional voting changes bankrolled by Mark Zuckerberg’s $400+ million targeting urban Democrat areas and nursing homes full of Alzheimer’s victims in selected swing states, is about as good — or even worse (GASP!) — in the oval office as a Georgia peanut farmer.
Maybe Joe likes peanut butter ice cream. Lick, lick, drip, drop (except for prices), plop…
I was instructed to buy an EV to sidestep high gas prices. That’s what I’m going to do and I’m going to be happy with it.
Biden is a real fool and traitor. He is the Russia/Ukraine colluder, and he has to wear nappies and take injections of drugs just to stay awake
How Mark Zuckerberg bought the U.S. Presidency for Joe Biden
This is really for “Mac Daily News”. I’m just listing the comment under their number one offender. I no longer look for updates on Apple products from “Mac Daily News”, I search Mac Rumors instead. “Mac Daily News” has become a safe haven for dickhead trolls like “First Then” who add nothing to the conversation about Apple products, which is what I thought was the main focus of this blog. It is hard to consider “Mac Daily News” a serious technology news blog when all I see is short articles followed by an endless list of nonsense comments. Good luck!
Good thing you have the freedom (for now) to pick and choose which sites, posts and comments you want to read and respond to. Evidently, you find that freedom of choice appealing because you are here. If not, bye. See, YOUR problem solved! A magical experience in the good ole USA! More power to you!
I bet some who complain here regarding replies or down vote comments, that do play a part in the discourse like Big Tech, Twitter, Facebook, Parler, Apple, Microsoft, Google, etc. and the actions they take, I bet some clap and are giddy with joy when the likes of Hollywood’s Robert De Niro accept their award and scream to an approving audience “F*ck Trump”! So, move along little doggy. Your postulation means as much to me as the thirteen dead service personnel in Afghanistan mean to Brandon.
Then quit cramming certain crap down our throats!
Baroo66 is a dim witted fool
Cry more. Nobody fucking cares.
I love paying 7 dollars at the pump. Even 8 or 9 dollars with worth it to have Trump gone. Heck make it 10! Higher food prices? Great! Grocery store out of my favorite product? Just buy a different brand or go without until it is back in stock. High crime? The privileged deserve it! War with Russia? Who cares! Life is much better with Trump gone, wouldn’t you agree? I’m just so in love with Joe. Can’t wait to see what surprises he has in store for us in the next three years!
So basically if he signed a bill to feed dead fetuses to the homeless, you’d be cool with that? Amazing.
Installed “President Joe Biden” is a rolling cavalcade of steaming failure.
CPI +7.9% in one year
Gas +38% and rising
Meat, chicken, fish +13%
Used cars +41%
Car/ truck rentals +24%
Airline fares +12.7%
Glad we have a career politician in charge! No need for someone with any business or money sense. It is all Russia’s fault anyways!
Thanks, Biden and co. Don’t appreciate it. I didn’t think it was possible to be a worse lame duck than Carter and cause even more problems than he did, but here we are. You know what we got after Carter? Republicans in the White House for 12 years. Hang in there, guys and gals.
This is the narrative they want you to believe. We have gone from mean tweets to idiotic tweets from a guy who showered with his 11 year old daughter.
And who in America couldn’t see this inflation coming? If I had to guess a number, around 81 million idiots.
J.r.r. Tolkien ain’t got nuthin on Democrats spinning a narrative.
Go to DuckDuckGo and search on the text string “2000 mules.’ For a real-eye-operner, go to Google and search on the same text string.