The Consumer Price Index for September showed a 0.4% increase. Even then, CPI adjusted that increase for the season. Without the adjustment, prices have gone up 5.4%.
Together, the food and shelter indexes made up for more than half of the increase. First, the index for food rose 0.9%. Then, the index for food at home increasing 1.2%.
Former Chairman of Council of Economic Advisers Jason Furman tried to brush the latest inflation report under the rug Wednesday. “Most of the economic problems we’re facing (inflation, supply chains, etc.) are high class problems,” Furman tweeted. “We wouldn’t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.” Furman served under the Obama administration.
Then, White House Chief of Staff shared Furman’s tweet. In response, podcast host Ben Shapiro pointed out the holes in that logic. “According to this administration, we must choose between massive inflation, shipping bottlenecks, and huge numbers of Americans dropping out of the workforce…or 10% unemployment,” Shapiro tweeted. “Good midterm messaging there.”
Since last September, the price index went up by 5.4%. Meanwhile, in the 12 months since August, it jumped by 5.3%.
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