Author Topic: OMG! Inflation surges more than expected as CPI rises 8.6% in May  (Read 453 times)

Offline JohnyMac

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With the May CPI coming in at 8.6%, .3% higher than predicted, there is no end in sight.

I am sure that inflation at this rate will continue to rise as we go into summer thanks to rising fuel prices. Fuel prices are a great barometer to low or high inflation. Obviously, product will cost more as fuel rises.

Quote
Inflation accelerated in May as U.S. consumers grapple with a surge in prices for gas, food, and shelter, data showed Friday.

The Bureau of Labor Statistics' May Consumer Price Index (CPI) reflected a year-over-year increase of 8.6% last month, up from April?s print. Consensus economists were expecting an 8.3% increase in May, according to estimates compiled by Bloomberg.

On a monthly basis, the broadest measure of inflation rose at a pace of 1.0%, compared to 0.3% in April.
- Yahoo

DJIA Futures at 0840 hrs. eastern down 300 points to 31,940
Oil up to $122- a barrel

May I  :deadHorse: buy food, food, food!
 
« Last Edit: June 10, 2022, 10:09:01 AM by JohnyMac »
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Online Jackalope

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #1 on: June 10, 2022, 09:40:48 AM »
    So, at what point does the frustrated, fed up populace rebel?  I don't recall riots back in the Carter era, and if I remember correctly interest rates were even higher.  I remember the interest rates because I was in the process of purchasing my first home.  I also recall the relief I felt when Reagan was elected President.  It feels like the majority of the citizens are more frustrated and angry this time around, maybe due to the Chinese virus b.s., or perhaps because of the political divisions in the country.  There's also more of a division between urban versus rural populations.  Plus, racial and social differences are more evident today.  We are less the United States today, definitely more fractured.

     Johny, you're so correct, food is the tool of the Deep State, and so is energy.  As we approach the peak of the length of days, we should also be thinking of the long, cold nights of winter.  Food is crucial during the winter months, that's why pioneer families traditionally had a deep larder.  Those food stocks will keep you alive during the winter months.  Energy is also a tool, and we can see how that Deep State is using high energy prices  to attack the middle class.  We've definitely become too dependent upon petroleum products and inexpensive energy.  We may see this winter how difficult life can be without electricity and petroleum products to heat our homes.

     The next year could become a turning point for the republic, and I'm not just talking about the mid-term elections.  Oh yeah, I can't recall the last time an assassin tried to eliminate a Supreme Court judge, so the U.S. seems to be rolling towards banana republic status. Let's Go Brandon!

 
« Last Edit: June 10, 2022, 01:50:29 PM by Jackalope »

Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #2 on: June 10, 2022, 10:26:56 AM »
Thank you Jackalope.

DJIA down now 672 points to 31,600. I still feel by the end of the month we will see the DJIA will be in the 28,000 to 29,000 point range.

By July 4th, Independence Day crude will be at $130- a barrel or $5.59 a gallon for 87 octane petrol. Diesel will be at $7.00 a gallon.

Then we have a oil refinery shutting down by the end of the year.

Quote
A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies.

The Houston, Texas, facility ? which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 ? is scheduled to permanently close by the end of 2023, but could shut down earlier if a ?major equipment failure? spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.
- BPR Business & Politics

Remember, crude is the firewood of our economy. Restrict it and you will freeze.
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Offline grizz

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #3 on: June 10, 2022, 10:54:29 AM »
Thank you Jackalope.

DJIA down now 672 points to 31,600. I still feel by the end of the month we will see the DJIA will be in the 28,000 to 29,000 point range.

By July 4th, Independence Day crude will be at $130- a barrel or $5.59 a gallon for 87 octane petrol. Diesel will be at $7.00 a gallon.

Then we have a oil refinery shutting down by the end of the year.

Quote
A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies.

The Houston, Texas, facility ? which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 ? is scheduled to permanently close by the end of 2023, but could shut down earlier if a ?major equipment failure? spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.
- BPR Business & Politics

Remember, crude is the firewood of our economy. Restrict it and you will freeze.

Already $5.59/gal up this way

I was talking to a friend yesterday, we came to the conclusion that maybe the "plan" is to get fuel prices up to $8+/gal over the summer and then just before the election, they drop back to $5ish/gal and pat themselves on the back for getting them down. JUST BEFORE THE ELECTION

They will also toss in a new strain virus around election time
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Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #4 on: June 13, 2022, 07:26:05 AM »
DJIA futures down 550 points at this writing.
Crude hovering around $120- a gallon.
Petrol here in NE PA $5.19 for 87 octane.
SCOTUS releasing 2021/22 court decisions over the next 7-days on Monday's and Wednesdays.

Should be a frosty week, week and a half.

Stay tuned  :popcorn:

 
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Offline Nemo

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #5 on: June 13, 2022, 11:27:31 AM »
Make that down 730 range now.  1126.

Nemo
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Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #6 on: June 14, 2022, 11:58:40 AM »
Well now,

The DJIA down another 150 points to 30,400 points at this writing. All the gains up to March of this year are gone. Can you say Sayonara?

Crude is back up to $123- a barrel.
WPI (Wholesale Price Index) now 10.8%.
Retail numbers coming out for May later this week.
I think the housing starts comes out this week too.
Gold dropping to a low of $1,810-. Heck it was up over $2,000- three months ago. 

Will we see a 10% CPI by the middle of the summer?
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Online Jackalope

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #7 on: June 14, 2022, 01:23:29 PM »
All indicators are pointing to our economy swirling down the drain.  A good time to buy precious metals and tangibles, I guess.
« Last Edit: June 14, 2022, 03:28:46 PM by Jackalope »

Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #8 on: June 15, 2022, 03:30:37 PM »
Here is a link to "Shadow Government Statistics" that shows inflation using the 1982 (18%) and 1990 (11.8%) formula.

Today, looks like some folks are taking advantage of buying a few lower priced stocks as the market is up around 275 points on the day. Gold is rebounding a bit, up $25- on yesterday. With a barrel of crude down to $116- a barrel down from yesterdays $123- a barrel.

It looks like the Fed just raised interest rates by .75% which is aggressive however, nowhere it needs to be to combat inflation.

You know this whole inflation issue could be slowed down with the White House turning on energy again, reducing deficit debt, and unfortunately raising interest rates. 

Month over month (MOM), May housing starts dropped by .2% from April. I also read somewhere that due to increase in interest rates by the Fed, there will most likely start to see a leveling off to a reduction of existing homes values by 10% in July over June and beyond.

The radical left are getting just what they voted for with President O' Biden. Continuing down this road, the US economy will be in shatters by the end of the year. The economy in shatters will then be the rebuilding the economy in the WEF (World Economic Forum) image of the Great Reset or as O' Biden calls it, Build, Back, Better.

Woodrow Wilson and Franklin D. Roosevelt would be proud.
« Last Edit: June 15, 2022, 03:33:44 PM by JohnyMac »
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Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #9 on: June 16, 2022, 11:10:48 AM »
Thursday June, 16, 2022.

At the time of this writing...

> DJIA down north of 800 points to a new low of , 29,816. I guess my prediction isn't that far off of 28,000 to 29,000
> Crude steady at $115- a barrel. This is because Russia is reaping in profits selling their crude.   Russia making more money off oil and gas than before Ukraine war, US official says
> Gold holding steady at $1,835.
> O' Biden moving to declaring a national crisis/emergency on oil production. Will we see a nationalizing of the oil industry?
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Offline JohnyMac

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #10 on: June 17, 2022, 09:12:22 AM »
Friday June 17, 2022

As of this typing DJIA futures started today up at about 150 points. Currently, it is up around 50 points.
Gold is down around $4-.
Crude is hovering around $117- a barrel. Interesting enough, petrol is down 1-cent from yesterday according to AAA. $5.00 today down from yesterday of $5.01 a gallon. WOW!

Unless something terrible happens around the globe, I suspect we will see a rather boring day in the world of finance today.
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Offline Nemo

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #11 on: June 17, 2022, 10:29:54 AM »
Those were futures.  Below are current numbers.  Down 110.

Nemo

https://www.google.com/finance/quote/.DJI:INDEXDJX

Quote
Dow Jones Industrial Average
29,817.99
0.36%
-109.08 Today
Jun 17, 10:27:55 AM UTC-4 ? INDEXDJX ? Disclaimer
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Offline Nemo

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Re: OMG! Inflation surges more than expected as CPI rises 8.6% in May
« Reply #12 on: June 17, 2022, 04:30:15 PM »
Down another 38 today.  Worst week since pandemic.

Nemo

https://www.foxbusiness.com/live-news/stocks-today-6-17-2022
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