October 3, 2021

WELCOME BACK, CARTER: Inflation Hits 30-Year High According to This Key Metric.

Left-leaning media coverage has in recent weeks pushed the narrative that inflation is fading. But shocking new inflation numbers released today blow that media spin to smithereens.

The Labor Department just released the latest Personal Consumption Expenditures index (PCE), which is the Federal Reserve’s preferred metric for monitoring inflation. It shows a 4.3 percent rise in consumer prices from August 2020 to August 2021, with prices rising 0.4 percent last month alone. That’s the biggest annual surge recorded since January 1991—roughly three decades ago.

1991, you say? I remember another Democrat who dubbed that era “the worst economy in 50 years.” Presumably Mr. Biden’s competitors to the White House will be using similar language to gauge his own handling of the economy.

Flashback: Milton Friedman’s Revenge.

 

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