Wednesday morning’s CPI numbers showed a staggering 8.3 percent. CNN:
According to the Bureau of Labor Statistics, the Consumer Price Index rose 8.3% over the past 12 months, which was slightly more than economists expected. This was a decrease of 8.5% in March, which was the highest in over 40 years.
Notice the spin by CNN (and many legacy media outlets):
For the first time since August, US inflation saw a pause last month. Although prices increased slightly, they did so at a slower rate than in previous months.
I’m not sure 8.3 percent would be considered “a breather” for me. Jim Geraghty is right here.
Are you able to look at these numbers and truly call it “inflation took an extended breather”?
It’s not the 8.5% of March, but we can take a look at the tenure of the current administration, which was helpfully shared by Steve Guest, Senator Ted Cruz’s Special Adviser for Communications.
Inflation year-over-year since Biden was elected to office:
— Steve Guest (@SteveGuest) May 11, 2022
I don’t think everyday Americans who empty their pockets at the grocery store and gas station feel much like they’re taking a break. Yesterday, we reported that gas prices have reached an all-time high. We are paying significantly more for staples than we were able to afford due to critical shortages.
Heather Long, Washington Post economic columnist, provides an example:
These are the areas where Americans are experiencing huge price jumps:
Gas +44% y/y
Utility gas 23%
Used cars 23%
New cars 14%
Health insurance 10%
— Heather Long (@byHeatherLong) May 11, 2022
They are not only visible, but we feel them. Despite President Biden’s “assurances”, we are most definitely focused on the response of this administration.
I can assure you that the American people would appreciate a real breather. This.2 percent decrease in the inflation rate could translate into a continuing downward trend over the next few months. That would be great. I am skeptical at the moment.