After decades in hibernation, inflation woke up in 2021 in a terrible rage. The consumer price index increased 7% in 2021, the fastest pace in 39 years.
Breaking news: Consumer prices rise 0.5% in December and push inflation rate to nearly 40-year high of 7% Sea change in durables But it’s not just new and used vehicles that have gotten more expensive. The sea change has been in the price of durable goods, which are defined as physical commodities designed to last three years or longer. Think of trucks, washing machines, TVs and furniture.
In December, prices of household furnishings, which include furniture, appliances, blinds, dishes and other items for the house, rose 1.3%, contributing nearly 10% of December’s gains. For the year, furnishings rose 7.4%, the fastest growth on record. Shelter and food Shelter is by far the biggest part of services spending, accounting for about one-third of the total consumer budget. Homeownership costs and rents have begun accelerating, a delayed reaction to the historic gains in home prices since the pandemic began.
Shocking that people are bent over by energy companies who raise rates to provide the terrible quality service they have always provided
Inflation up because supply down and demand up. Then monetary policy versus fiscal policy. I trust the fed before government.
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