US Core inflation level lowest in 3 years

No. There was inflation in 2020. So it would be a lower number. The point was to make the number larger by sticking an extra year of inflation on it and then suggesting that it was the inflation during Biden's term.

 

seriously? Good lord

 

Uh.... seriously?
You might want to go look at the annual inflation rate for 2020. I'm sure the 2020 rate of inflation really effected the number.
Good Lord!! Lokk at the data, not emotions!
Current US Inflation Rates: 2000-2023 (usinflationcalculator.com)

 

silly people that think that potus controls inflation. The central bank, market forces, and black swann events control the economy. potus can influence, yes, control, not even close. and items implemented now will not truly be felt in the economy for years and sometimes decades to come. The infrastructure investment is the best thing this country has done in a long time for this country but it will not be truly felt for a decade or more, assuming it isn't sabotaged for politics.

 

Yes, it actually did. Take their first claim, that groceries (typically termed "food at home" had increased by 25%). The index for January 2020 was 243.483. The index for January 2021 was 252.669. The reading for October 2023 is 304.220. From 2020, that would be 24.95%. From 2021, that would be 20.40%. They wanted the extra 5% on that figure, after rounding. So, they chose to "forget" when he became President and add an extra year.

Now let's look at their second claim: a 35% increase in used car prices. Here are the index observations for January 2020, January 2021, and October 2023: 138.428, 152.620, and 187.253. So the percentage increase from January 2020 to October 2023 is 35.27%. From January 2021 to October 2023 is 22.69%. So they got almost 13% extra on their estimate using the wrong date for that one.

Indexes for rent: 337.825 (January 2020), 344.758 (January 2021), 406.683 (October 2023). Increase from January 2020: 20.83%. Increase from January 2021: 17.96%.

Perhaps you need to take your own advice and actually look at the data.

Consumer Price Index for All Urban Consumers: Food at Home in U.S. City Average

Consumer Price Index for All Urban Consumers: Used Cars and Trucks in U.S. City Average

Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average

 

BTW, all of this is a perfect demonstration for how Republicans have lower ratings for this economy than during 08-09. Fox runs an obviously faulty graphic that is clearly designed to make the economy appear worse than it is under Biden (by attributing inflation from 2020 to Biden). Their viewers either don't notice what they did (move the baseline back to January 2020) or they don't critically think about the impact. One even comes here to post it.

 

As car dealerships go …

 

$1,200 for car and insurance is like my mortgage payment ten years ago.

 

Starting with your AT&T bill …

 

Inflation in 2020 was around 1%. I don’t know why they included 2020 numbers.

 

I did the math to show why.

 

Grow. Your. Own. Food. If every American single family home (rent or own) had a small victory garden and had 4 egg laying hens, food prices would plummet. Americans pay for convenience and food is no exception.

This year Thanksgiving cost us a grand total of: $22.

We paid $4.99 for a pie crust.
We paid $3.99 for a bag of flour.
We paid $4.99 for a load of sweet bread.
We paid $1 ish for a 3" turkey load of 12 Ga.
We paid $5 ish total for the seeds to grow our own corn and pumpkins.
We grew white potatoes and sweet potatoes from ones bought at the store, so maybe $2???

 

At the risk of interrupting the narrative that inflation - to the extent it is real, is due to greedy corporations, but mostly isn’t real, just in Republicans imaginations ….

Poll: Young Voters Facing Tough Economic Reality - Change Research

Polling of young adults shows a lot of lack of confidence in the economy - and they don’t tend to run Republican. Much of it stems from inflation, the fact that housing is unaffordable between higher house prices and higher interest rates, cars are up more than inflation plus interest rates make payments even higher, also student loans are now requiring payments again.

Also something like 40% of this demographic gets their news mainly from TicTock - and there are lots of videos about how bad it is for younger adults. A big theme running around is “silent depression”

Viral TikTokers Claim The U.S. Is In A ‘Silent Depression’ Worse Than The Great Depression

With all social media, algorithms tend to elevate negative themes, whether it is Q Anon or a silent depression.

 

I think the fed has over tightened. Inflation was transitory due to parts disruption. No matter what countries did inflation is going down. Interest rates are making purchases for more people more expensive. Prices are coming down. My guess is 6 months from now we will be hearing about disinflation.

 

Addressing the narrative that corporate greed/profits is causing inflation, the above shows that current corporate profits as a percent of GDP are the same as in 2014 and 2006, and actually below 2011-2014.

 

If it was only supply issues prices would have gone back down. But they have stayed elevated and stabilized. The most plausible reason is the giant amount of economic stimulus injected into the system, which is now running out.

 

How were profits during the last two years of peak inflation?