Twin Peak: Inflation and Staginflation
🌐 KEY POINTS:
Hotter-than-expected inflation numbers could mean the Federal Reserve will hike interest rates more aggressively in the coming months.
🌎The consumer-price index [CPI], which measures the cost of goods and services, climbed 8.3% in April down from 8.5% in March but is still above analysts’ expectations of 8.1% and near the highest level in more than 40 years.
🌎The decrease of CPI is partly a result of dips in the price of energy and used vehicles.
🌍Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.
🌐 Shelter costs, which make up about a third of the CPI, rose by 5.1% year-on-year — the fastest increase since April 1991.
🌐 Inflation-adjusted earnings continued to decline for workers. The soaring cost of living caused inflation adjusted earnings to drop 2.6% over the past year 🌐
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