U.S. Inflation Continues To Grow

The U.S. Labor Department inflation report for March was 1.2% inflation for the month (highest in any month in 18 years), and 8.5% for a year (compared with 7.9% as of February). This with “shelter” inflation, which is one-quarter of the weight of the whole CPI, still recorded as 5.0%, well less than half its actual pace. Real hourly wages were down -2.7% for the year to March, and real weekly wages down a very large -3.3%. The official inflation rate has risen every month since July 2020. The White House’s information-war-style crazy advance messaging yesterday (the inflation reading was going to be “extraordinarily elevated") succeeded in getting “milder than expected” headlines from the financial media this morning: rising stock market, “inflation now at its peak,” etc., but citizens will not be comforted.