Rampant inflation hits 8.3% in April year over year, remains near 40-year highs

U.S. inflation rose again in April, accelerating to 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.

Inflation

Jeff Cox for CNBC:

The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain.

Removing volatile food and energy prices, so-called core CPI still rose 6.2%, against expectations for a 6% gain.

Rising prices at the pump and in grocery stores have been one problem, but inflation has spread beyond those two areas into housing, auto sales and a host of other areas.

Federal Reserve officials have responded to the problem with two interest rate hikes so far this year and pledges of more until inflation comes down to the central bank’s 2% goal. However, Wednesday’s data shows that the Fed has a big job ahead.

The month-over-month gains also were higher than expectations — 0.3% on headline CPI vs. the 0.2% estimate and a 0.6% increase for core, against the outlook for a 0.4% gain.

MacDailyNews Take: Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult.

‘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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31 Comments

  1. Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult…

    …unless you’ve replaced God by worshiping the false god of gaia and your ideology is centered on growing and feeding Big Government (to say nothing of being an Alzheimer’s puppet installed by the establishment via stuffed drop boxes paid for by oligarch Zuckerberg). Then, it’s difficult.

    TFTFY.

    1. Congratulations!!!
      You win this week’s prize for the most unfounded conspiracy theory statements made in one sentence.

      Now go home and put your head back in the sand.

          1. 25 Questions That Democrats Can’t Answer About The 2020 Election — Because They Know They Cheated

            • Why did the vote counting stop on election night in several swing states?

            • Why did the vote counting delays only happen in swing states?

            • Why were election observers barred from entering vote counting stations in swing states?

            • Why did Trey Trainor, the chair of the Federal Election Commission, declare on TV that election “observers have not been allowed into the polling locations in a meaningful way” and that “if they’re not, the law is not being followed, making this an illegitimate election” on November 6th, 2020?

            • Why are any electronic voting machines hooked up to the Internet?

            • Why were votes from the 2020 election sent overseas for “processing” and “tabulation” purposes?

            • Why would votes from 30 states in America be processed by a Canadian firm?

            • Why would the company that “tabulates” votes for 800 American counties be a recently bankrupt Barcelona-based firm with the Department of Defense as its best-known client?

            • Why would America’s electronic voting machines be under the ownership of citizens from foreign nations?

            • Why are so many electronic voting machine companies owned by shell companies?

            • Why did it take Maricopa County (Arizona) two weeks to count its votes?

            • Why did an audit expert find 74,000 more votes were counted in Maricopa County (Arizona) than were mailed out?

            • Why did Mark Zuckerberg fork over $400 million to his personal charity to run a parallel private election system in 2020?

            • Why did the Special Counsel in Wisconsin just release a report that called Zuckerberg’s donations in five Wisconsin counties a classic case of bribery?

            • Why did AG Merrick Garland at Biden’s Department of Justice threaten to interfere in a post-election audit conducted in Arizona — and authorized by the state of Arizona?

            • Why did a county circuit court judge in Wisconsin rule that the Wisconsin Elections Commission had run the 2020 election in an illegal manner?

            • Why have the voting machine companies refused to comply with subpoenas from the state officials of Wisconsin?

            • Why do the voting machine companies refuse to have their machines inspected even though these machines are used in public elections?

            • Why is a federal judge in Georgia refusing to release a report by a cybersecurity expert who inspected a Dominion machine and found it vulnerable to hacking and manipulation of the votes?

            • Why has Dominion Voting Systems refused to comply with the post-election audit in Arizona — which was ordered by the State of Arizona itself?

            • Why are more than 300,000 ballot transfer forms missing in Georgia’s 2020 election?

            • Why did Dominion Voting Systems fail to show up and answer questions from the elected officials of Pennsylvania after the 2020 election?

            • Why do 204,430 mail-in ballots in Arizona have mismatched signatures?

            • Why do 740,000 mail-in ballots in Arizona have broken chain of custody?

            • Why did the Wisconsin Special Counsel find that 50 nursing homes had 100% voter turnout and that cheating was widespread?

          2. Having issues with Marxist creep is WAY beyond one orange man. A dizzy man that supports advancing state-ism, alone, is a concern. The fact he knows not what he’s advancing is as concerning. Also, it has absolutely nothing to do with an, “unfounded conspiracy.”

          3. 80 million people voted for a DEMONSTRABLE RACIST, a man who can barely finish sentences? A man who promised higher taxes, higher energy costs, The only good way to look at this is we know who the folks are on the left side of the Bell Curve.

      1. Fools like grimycrotch are simply more proof that, beyond stuffing drop boxes with illegal ballots:

      2. It’s funny when conspiracy people try to explain they know the truth. We’re talking about the tin-foil hat wearing conspiracy theorists who believed in the Russia-gate for years, with never an ounce of actual no evidence…but they hung on tight to their bizarre idea that made no sense from the very beginning…and some of those nut jobs still think it’s true.

  2. The problem is they’re invested in an ideology and not a reality of how people need and use cheap and plentiful fossil fuels… By attacking our energy sector, which he did do by canceling Keystone XL… it was representative of canceling leases, canceling drilling permits… and nominating people to positions of power who want to quote bankrupt the oil companies and starve them of funding. So, that’s who they are. So, on day one, I said, when you damage our energy economy, which raises our standard of living and also gives us power and prosperity on the world stage, you were handing power and wealth to nations that hate us, that want to wipe the United States off the map. You’re handing power and wealth to Vladimir Putin and to Iran. And I said it a year ago, and that’s exactly what happened.

    Dagen McDowell, March 4, 2022

    1. Red Tsunami…yes. Oil production is dirty and few want it in their backyard, but the idealist’s dream of “renewables” is a farce. 1st…it’s not a zero sum game. Pulling scores and scores of rare earths from the ground will rip the earth far and wide. That’s carbon producing la grande, besides.
      Besides, there’s NO example on earth where renewables (farcical phrase) has proven to be sustainable, let alone renewable.

      Per the current situ, when leaders want to penalize, castigate and threaten existentially, what business owner is going to want to invest in that business? Answer; few and the rest will be reticent to move ahead with vigor. That’s the state of the predictable energy realm in the World and the US for sure. Thanks to Joe and Mr. O for that.

      For the non-binary, that doesn’t mean oil is wonderful and we need to smoke coal, but it does mean realism needs to preside. There’s no solution…just trade-offs. Blind dogmatism is leveling its cost.

      1. Your outdated article from 2021 doesn’t say what you think it says. You are looking at one trailing indicator and attempt to blame your political enemies, misunderstanding how CPI is calculated and what it means. You think the POTUS is all powerful when, by design, he is not.

        You are quick to cherry pick data or blatantly misrepresent “facts” that you think supports your extremely simplistic and biased viewpoints, but it’s plain you have no desire to understand the complexity of any situation nor use objectivity in any issue. To top it all off, you deliver every post as a personal attack. You, sir, are a political troll of the worst kind.

        Stop the politicking please. This was a Mac site before you moved in.

    1. Maybe the US should donate USD 40,000,000,000 of YOUR money and MY money to some other country… such as Ukraine. Yeah… that sounds like a good plan. Why not double it? I’m sure they will

    2. When one country holds the reserve currency of the World, their policies WILL have an economic effect throughout the World. US inflates (via creating more currency) and the rest of the World will feel it. Smaller countries, bound by the reserve currency, will experience greater impacts. Some will default.

      So, no…your statement is false. Say nothing of what the one party’s decisions had and will have on energy. Imagining the shortage is the opportunity to “switch” to clean energy is idealistic idiocy. Some day, some way…maybe, but its implementation now/soon, is a farce. Use Germany as a poignant case study in the matter. Much of Europe, is in energy pain, greatly exceeding that known in the US.

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