The prostitute press is pushing the Biden line that "only" 7.7% inflation is a victory of sorts.
Cortes (starts at 45:00 or so) mentions the ugly fine-print numbers in the report.
Sticky inflation--prices which won't drop easily if at all--include 'shelter' (rents!!) at a 30-year price-inflation high.
Then there's the "Have-To" stuff; you cannot live without them:
Gas, groceries, utilities are up SIXTEEN percent.
Lux spend?
In spring this year, there was a 10% increase in lux-item spend on credit cards. Now? 6% y/o/y drop. Even the rich ain't spending.
Most people know about the "Have To" list pain, but the revolution hasn't started.
Yet.
More from the Ticker:
...The 900lb Gorilla in the room this month is fuel oil, which is, as many people do not know, #2 diesel. It was up a stunning 19.8% on the month and stands at 68.5% up from last year this time. Anyone expecting the consumer experience to improve with that record has rocks in their head, never mind those who use it for heating that are about to get a visit from the proctologist this winter....
Most fuel-oil heated homes are in the Northeast--an area which elects Democrats. That causes schadenfreude here; no one could deserve it more.
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