The inflation data is in for August, and it’s not good news, though some are trying to convince Americans that the sky isn’t blue. We’ll get their gaslighting. You can believe that.
As to the top line result, the Consumer Price Index rose to 3.7% year-over-year, marking the second straight month of increases. Meanwhile, the Core CPI was also higher than expected.
Breaking News: U.S. consumer prices rose 3.7% in the year through August, an uptick in inflation driven by gas prices.
Follow our updates.https://t.co/5jCIv5CTd2
— The New York Times (@nytimes) September 13, 2023
Helping push inflation upward were energy prices. Gas prices have seen a sharp rise over the month with no end in sight as global oil prices hit new highs for the year. For most Americans, $4 a gallon has either already arrived or is on the horizon.
That news comes amid a renewed push by some self-proclaimed “experts” to insist that everything is great. In fact, Tom Nichols would like you to know that Americans are really, really stupid for believing that inflation is going in the wrong direction.
WSJ poll: 74 percent of registered voters think inflation is headed in the wrong direction.
There is no reasoning with this many people being this wrong. It's not possible to shovel against that tide.https://t.co/4HkULAL0iM
— Tom Nichols (@RadioFreeTom) September 6, 2023
What a moron you are, believing that inflation rising means that inflation is going in the wrong direction. I mean, clearly, that’s great news. It’s especially great news if you cherry-pick data and ignore the broader context of prices and how they are affecting the American people.
Core CPI rose only 0.3 percent in August, the third month in a row of low readings.
After the first, it was "that's just one month;" the second was "good news, but not yet a trend." Now three's a trend.
Over the past 3 months, core CPI has risen at an annual rate of 2.4%.
— Justin Wolfers (@JustinWolfers) September 13, 2023
Great news, everyone. If we just strip out food, energy, and housing prices (i.e., what Core CPI does) from the measure of inflation, then Bidenomics is going gangbusters. What a relief. And here I thought that I’d have to actually buy food, energy, and housing this month. I guess I’ll just go lay in the street while not eating and be thankful that some wine-sipping experts are here to tell me how it really is.
Never mind that obsessing over monthly inflation readings in the first place completely misses the point. Here’s a pro tip from someone who doesn’t live inside the Beltway bubble: I don’t care if inflation is zero percent next month when my groceries are still over 20 percent higher under Joe Biden than the last guy. The rate of increase in prices stopped becoming a primary concern a long time ago for most Americans because they are too busy being crushed by the price increases that have already occurred.
But hey, I encourage these “experts” to keep plugging Bidenomics and calling Americans dumb for using their bank accounts as a measure of economic success. I’m sure that’ll work out great for them.