A key statistic the Federal Reserve uses to measure inflation increased by 3.6% in July, its largest increase in 30 years, the Commerce Department said Friday.
The department said the near 4% increase is compared to July 2020 and is the highest level since 1991.
The data comes from the department’s core personal consumption expenditures price index, excluding food and energy prices.
The increase was in line with most analysts’ expectations.
“The increase in personal income in July primarily reflected increases in government social benefits and compensation of employees,” the department’s report said.
“Within government social benefits, an increase in ‘other’ social benefits was partly offset by a decrease in unemployment insurance, reflecting a decrease in payments from the Pandemic Unemployment Compensation program.”
When including food and energy prices, the index was up 4.2% over last year.
According to the report, personal income increased 1.1% to $225.9 billion in July and disposable personal income rose 1.1% to $198 billion. Personal consumption expenditures also increased 0.3% to $42.2 billion.
The report said there were also increases in private wages and salaries.
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Just when I was ready to retire I now have work another 10 years over the 60 I have put in just to be sure I can retire. This admin coupled with the O Bam A admin has really put the biggest hurt this country has ever seen.
It’s just a matter of time, before Biden (Jimmy Carter 2.0) re-instates the “Misery Index”!
What a DISASTER this DOOFUS is (and the rest of the elected Democrats and RINOs)!
November 2022 and November 2024 can’t come soon enough!
ALL is going according to the leftists AGENDA< to utterly and totally destroy our economy. AND OUR NATION!
Come on, Joe. You can beat the inflation of Jimmy Carter. We should look at inflation as our friend.
So, Trader Joe runs up the debt beyond reason, shuts down the pipeline, destroys our security at the border, and punishes American citizens because of the Covid PLANNED-DEMIC. And now.. the inflation has hit. The statistics on the news don’t begin to cover it! Items I’ve purchased in the recent past have gone up substantially. And my grocery bill is out of control. First they shut down the truck farms in CA and we can’t get decent fresh vegetables or fruit. Nothing lasts in the fridge for more than 12 hours. And now.. the cost of meat is off the charts! It will of course effect SENIORS first… but then, the Democratic Marxists don’t care about us anyway.
amen and well said.
WHEN have the dems, EVER CARED about senior citizens??
Wait until Joe makes the minimum wage 15.00 an hour. That’s when Inflation will really takeoff. And because of this Inflation, the 13% will need to stay on welfare and food stamps.