{"id":61431,"date":"2022-01-12T09:36:06","date_gmt":"2022-01-12T14:36:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61431"},"modified":"2022-01-12T09:36:06","modified_gmt":"2022-01-12T14:36:06","slug":"us-consumer-prices-soar-at-fastest-in-39-years-real-wages-tumble-for-9th-straight-month","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61431","title":{"rendered":"US Consumer Prices Soar At Fastest In 39 Years, Real Wages Tumble For 9th Straight Month"},"content":{"rendered":"
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US Consumer Prices Soar At Fastest In 39 Years, Real Wages Tumble For 9th Straight Month<\/a><\/h3>\n<\/header>\n
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Consensus was convinced – with barely any outliers – that this morning’s consumer price index would print with an astonishing 7.0% YoY (and notably 7 of the last 9 releases have come in above consensus) and they nailed it with the 7% print at its highest since June 1982 (when ET was launched in the US)…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

That is the 19th straight monthly rise in headline CPI and\u00a0Core CPI also surged to its highest since Feb 1991 (printing hotter than expected at +5.5% YoY)<\/strong>…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Under the hood,\u00a0commodities, shelter, and new-and-used cars and trucks saw prices jump the most<\/strong>. Energy actually saw a modest 0.4% retracement (that will not be the case in January)…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

The cost of putting a roof over your head is accelerating once again.\u00a0Shelter inflation rises to 4.13% Y\/Y from 3.84%, the highest since Feb 2007…<\/strong><\/p>\n

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In fact, while Services inflation rose to +3.7% – its highest since Jan 2007 –\u00a0Goods inflation soared 10.7% YoY – its highest since May 1975…<\/strong><\/p>\n

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Source: Bloomberg<\/em><\/p>\n

Finally, and perhaps most importantly for Main Street,\u00a0real average hourly earnings fell (down 2.4% YoY) for the 9th straight month…<\/strong><\/p>\n

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Source: Bloomberg<\/em><\/p>\n

So the next time a politician tries to tell you to be grateful that your wages are going up or you can move to a new higher paying job, just remind him that the surge in the cost of living is outpacing wage gains, thanks to The Fed’s money-largesse and Congress’ lockdown policies and helicopter money have crushed the quality of life for millions.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

US Consumer Prices Soar At Fastest In 39 Years, Real Wages Tumble For 9th Straight Month Consensus was convinced – with barely any outliers – that this morning’s consumer price index would print with an astonishing 7.0% YoY (and notably 7 of the last 9 releases have come in above consensus) and they nailed it […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1055,172,426,13351,2227,827,834,12525,1808,4318],"class_list":["post-61431","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consumer-price-index","tag-cpi","tag-inflation","tag-price-inflation","tag-prices","tag-united-states","tag-us","tag-us-consumer-prices","tag-wages","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61431"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61431\/revisions"}],"predecessor-version":[{"id":61432,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61431\/revisions\/61432"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}