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2024: Inflation 3.1%
2023
Comparison of inflation in the United States with other countries
Pacific Coast States Lead in Inflation
The inflation rate in the United States at the end of 2023 was the highest in the states of the Pacific coast - 3.8%.
Inflation under the previous US government formula remains above 10%
According to the previous government formula, inflation in the United States reached 18% in 2022.
According to new work (April 2024) by a group of economists from Harvard and the IMF, led by former US Treasury Secretary Larry Summers, Americans understood what experts ignore: rising interest rates are as much a part of inflation as rising prices of conventional goods.
Alternative measures of inflation, including borrowing costs, explain much of the gap between the rainbow paintings of experts and the skeptical assessments of Americans.
Famous American investor Charlie Bilello: Inflation is a consequence of uncontrolled printing of money and increasing public debt
The famous American investor Charlie Bilello in October 2023 made a statement about inflation in the United States:
Everyone should read the transcript of the July 2022 FOMC press conference. We had the highest inflation rate since 1981 (9.1% CPI), and neither Powell nor journalists have ever mentioned its two main reasons: large-scale printing of money and deficit spending.
The Fed wants you to believe that the only causes of inflation are supply problems, war and a tight labor market. They still have not acknowledged any role that 0% rates, $5 trillion in bond purchases (including pointless MBS purchases during the housing bubble) and a $10 trillion increase in government debt have contributed to inflation.
We just have to pretend that none of this happened and that we woke up one day in an inflationary spiral that has nothing to do with monetary or fiscal policy. And to top it all off, we should praise the Fed for raising rates and saving us from the situation it itself created.
I don't expect anything else from the Fed (they did the same after the last housing bubble/financial crisis, never taking any responsibility), but where are the serious journalists? Are they not allowed to ask anything but soft questions that present the FOMC as an infallible/all-knowing body?
The US money supply has increased by > 50% over 3 years, and no serious question has been asked about this at any FOMC press conference. This is either the incomprehensible incompetence of the most prominent financial journalists in this business, or questions/bewilderment are no longer allowed.
Inflation in June fell to below 4%
Inflation slowdown to 5% in March
US inflation slowed in annual terms to 5% in March 2023 (5.2% forecast). Core inflation (excluding food and energy prices) was 5.6% (5.6% forecast).
Inflation in January - 6.4%
Annual inflation in the United States slowed to 6.4% in January 2023, but was above the forecast of 6.2%. Core annual inflation was 5.6% YoY and 0.4% m/M in January. The forecast for core inflation was 5.5%.
2022: Inflation growth to 8% at the end of the year
US inflation slowed year-on-year to 6.5% in December 2022, as analysts had expected.
Temporary or limited-impact inflation factors have practically gone (supply chain failures, cost inflation due to raw material growth, depletion of stocks, explosive post-covid demand growth, pent-up demand for services after the removal of covid locks, etc.). At this time, long-term and more sustainable factors are at work.
In August 2022, inflation in the United States amounted to 8.25%.
Inflation in the United States accelerated in annual terms to 9.1% in June, the highest in almost 41 years, above analysts' expectations (8.8%).
Annual inflation in the United States in May 2022 accelerated to a maximum since December 1981 of 8.6% from April 8.3%.
Annual inflation in the United States in March 2022 accelerated to 8.5%, reaching its highest since 1981.
Annual inflation in the United States in February 2022 accelerated to 7.9% from 7.5% in January, updating the 1982 maximum.
Excluding the volatile components of food and energy, benchmark prices rose 0.5% from a month earlier and 6.4% from a year earlier.
2021: Inflation rises to 7% in December - highest since 1982
Annual inflation in the United States in April 2021 accelerated to its highest since 2008 and amounted to 4.2%, exceeding all forecasts.
Core inflation in the United States - excluding food and energy prices - was 3% year-on-year at the end of April, and prices rose 0.9% over the month. Both indicators were higher than analysts' forecasts, who were waiting for their values at 2.3% and 0.3%, respectively.
At the same time, the Ministry of Labor indicated that the rise in prices in monthly terms became the maximum since April 1982.
Later in May, US inflation reached 5%.
Inflation in the United States in July 2021 remained at 5.4%.
In November 2021, U.S. consumer prices rose 6.8% from a year earlier, the highest since 1982 and highlighting steady and rapid inflation.
Annual inflation in the United States at the end of December 2021 accelerated to 7% from 6.8% in November, reaching its highest since 1982.
2020
1976: Milton Friedman: Inflation is created in Washington because only Washington can create money
Milton Friedman is an American neoliberal economist, macroeconomist, winner of the Alfred Nobel Economics Prize (1976): "Inflation is created in Washington, because only Washington can create money."
See also
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