Inflation: Joe Biden Gets It Red Hot!
When it is convenient, the government data mavens like to report the annualized rate of change for the most recent monthly or quarterly release. Alas, Friday’s CPI report for May was not one of those occasions—since that number came in at a smoking hot 11.6%.
Along with the 14.8% reading in March, those are the highest annualized CPI readings in 42 years, save for the lone month of September 2008 when $150 per barrel crude oil brought the figure to 16.4%.
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Disclosure: None.
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