BidenFlation? Yup. Up.

Conveniently released after the Joke-of-the-Union parody.

On Friday, the Bureau of Labor Statistics released its annual revisions to the Consumer Price Index for December, with some revisions going back to 2018. These revisions came just ahead of the January CPI to be released on Tuesday.

What was actually revised were the seasonal adjustments, and thereby the seasonally adjusted month-to-month CPI readings that everyone is talking about as a measure of current inflation, whether it’s accelerating or slowing down.

The revisions for the December month-to-month readings were all to the upside, including:

• Overall CPI (CPI-U), old -0.1%; new +0.1%. So there goes that.
• “Core CPI” (without food and energy), old +0.3%; new +0.4%
• Services CPI, old: +0.6%; new +0.7%. This is where nearly two-thirds of consumer spending goes. And it is red hot.

In addition, the readings for October and November were also revised up, taking a bite out of the “disinflation” scenario

You could have asked any grocery shopper.