Check out these inflation numbers by category:
Inflation just hit a NEW 40-year high.
Overall CPI: +8.6% since last year
Gas: +48.7%
Fuel Oil: +106.7%
Meat, Poultry, & Fish: +13.1%
Milk: +15.9%
Eggs: +32.2%
Coffee: +15.3%
Used Cars: +16.1%
Airline Fares: +37.8%
Real Average Hourly Earnings: -3%— Jacki Kotkiewicz (@jackikotkiewicz) June 10, 2022
How is it that inflation is only up 8.6% when absolute essentials like gas and food are much, much, much higher?
Because they’re cooking the books as this excellent thread from Tom Elliot explains. If we calculated inflation the same way today as we did under Jimmy Carter, today’s inflation would be much, much, much worse:
BREAKING: U.S. annualized inflation just peaked 17 percent for the first time since WW2, the highest rate in 75 years.
The media are misreporting the real data, and I’ll explain why. 1/ pic.twitter.com/ab8VP0a2H5
— Tom Elliott (@tomselliott) June 10, 2022
Or, if you prefer it in Threadreader format.
