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It is worth noting several key things from this report.
1. 2019 and 2020 inflation were among the lowest ever recorded, so year over year comparisons are a bit misleading.
2. One-third of the increase in goods prices came from gasoline, with prices rising 6.7%.
3. Beef and veal prices represented the other side of the ledger, posting a collective decline of 10.3%.
4. On the services side, more than 80% of the increase in final demand services price increases came from autos and auto parts, which increased 8.9%.
If you take out gasoline and auto parts, the inflation increases are much more muted and even show decreases in multiple segments.
For the love of God man, give it up; prices are increasing on everything and we all know why.
Lance A. – I assume you recognize that the disruption of supply chains due to the Covid pandemic are the principle cause for higher prices as demand for goods and services have increased while the ability to produce or provide adequate goods and services has decreased. Defeating Covid through an increased rate of vaccinations is the only way to bring supply-and-demand into balance and bring prices back to acceptable levels.
You don’t have to be a rocket-science analyst to understand wage increases alone have caused inflation to balloon! And here is a late flashing news break for Charlie P. … You CANNOT “take out gasoline and auto parts”!! 100% of all consumers are negatively impacted by both gasoline prices and inflation over all. What planet do these people come from???
I’m not arguing that increases in car prices and gasoline don’t affect people. I’m saying that they have different causes than the rest of the core inflation we are experiencing. There are reasons to look at the CPI vs Core Inflation, and vice versa. It’s an interesting topic to read up on if you aren’t already familiar.