This result is even worse than it looks, thanks to the magic of compounding figures. The consumer-price index shot up 8.3% year on year, according to this morning’s report from the Bureau of Labor Statistics. The month-on-month figure was more cheery at 0.3%, but that also has some additional context:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.
Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over the month as the food at home index rose 1.0 percent. The energy index declined in April after rising in recent months.
..... (Read more by following the post link below)