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Author Topic: Breaking - October CPI 6.2%  (Read 481 times)

Offline JohnyMac

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Breaking - October CPI 6.2%
« on: November 10, 2021, 08:52:47 AM »
Released at 0830 hrs. eastern, the October CPI number came in at 6.2%.

Quote
"Inflation in the US, as measured by the Consumer Price Index (CPI), surged to 6.2% on a yearly basis in October from 5.4% in September, the US Bureau of Labor Statistics reported on Wednesday. This print surpassed the market expectation of 5.3% by a wide margin." - FXSTREET


Please keep in mind the formula used to derive the CPI number is based on the 2018 formula. This formula does not include several important consumer purchased items like, fuel (Vehicle & Home) and housing to name a few. Using the 1980 CPI formula, we are in the 15 to 18% inflation rate before Octobers number.

I suspect the White House will blame the current supply chain issues along with you buying more than you need due in part to pent up demand. All bullshit!

In my opinion, this number is caused by a host of reasons however, at the top of the list is President O' Biden's changing America from a self-sufficient energy country to begging oil from Russia and OPEC.

Sorry to be a broken record, stock up now as todays prices will look like a deal by March.

   
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Offline pkveazey

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Re: Breaking - October CPI 6.2%
« Reply #1 on: November 10, 2021, 09:43:55 AM »
My Retirement and SS are based on the rate of inflation. I'm betting that no matter what the inflation rate turns out to be, they will tell me its 2% and that's how much raise I'll get. Now, for those who didn't quite understand Johnny's post, it means they are playing with the numbers so it doesn't look so bad. That means, no matter what happens, you're screwed.
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Offline JohnyMac

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Re: Breaking - October CPI 6.2%
« Reply #2 on: November 10, 2021, 10:09:47 AM »
SS recipients starting January 1, 2022, will be receive a cost of living adjustment (COLA) of 5.9%. That means that the US Treasury "thinks" that 2021 inflation (Using the 2018 CPI formula) to be at least that number.
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Offline Jackalope

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Re: Breaking - October CPI 6.2%
« Reply #3 on: November 10, 2021, 12:00:08 PM »
   According to some of the reports that I read The CPI for October was 0.9%, however the annual rate for the year is 6.2%, that's a big difference.

   An article from Kitco, a precious metals dealer:   

       "Wednesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.9% in October, after a 0.4% rise in September. The data beat consensus forecasts as economists were forecasting a 0.6% rise.

For the year, the report said that headline inflation rose 6.2%. The report added that this is the largest yearly increase in headline inflation since November 1990."

https://www.kitco.com/news/2021-11-10/Gold-prices-fall-as-U-S-CPI-rises-6-2-for-the-year.html



     
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