{"id":28104,"date":"2021-11-30T22:04:59","date_gmt":"2021-12-01T03:04:59","guid":{"rendered":"https:\/\/www.megalextoria.com\/wordpress\/?p=28104"},"modified":"2021-11-30T22:06:32","modified_gmt":"2021-12-01T03:06:32","slug":"they-said-inflation-would-be-transitory-the-data-say-something-different-foundation-for-economic-education","status":"publish","type":"post","link":"https:\/\/www.megalextoria.com\/wordpress\/index.php\/2021\/11\/30\/they-said-inflation-would-be-transitory-the-data-say-something-different-foundation-for-economic-education\/","title":{"rendered":"They Said Inflation Would Be ‘Transitory.’ The Data Say Something Different."},"content":{"rendered":"

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President Joe Biden once bizarrely remarked<\/a> on the 2020 campaign trail, \u201cMilton Friedman isn\u2019t running the show anymore.\u201d It shows.<\/p>\n

Earlier this month, the Labor Department reported that the CPI rose at its fastest rate since 1990: 0.9 percent for the month of October and 6.2 percent year over year\u2014faster than Wall Street consensus estimates<\/a> of 0.6 percent and 5.9 percent, respectively.<\/p>\n

Perhaps most telling, the acceleration in prices<\/a> still clocks in at 0.6 percent monthly when the volatile food and energy categories are excluded, suggesting inflation is here to stay. Astute observers might notice that the 0.9 percent monthly change in CPI represents faster inflation than earlier this year, and that if current trends continued for one year, next October\u2019s annual price increase would be 10.8 percent. These figures, quite frankly, obliterate any notion that our inflation is \u201ctransitory\u201d or trivial. In response, the president declared inflation his \u201ctop priority.\u201d Judging by the administration\u2019s economic agenda, this only spells more trouble.<\/p>\n