The Bureau of Labor Statistics (BLS) reported on Aug. 10 that the headline pace of inflation, as reflected in the Consumer Price Index (CPI) ticked down from a recent peak of 9.1 percent in June to 8.5 percent in July.
The month-over-month CPI inflation figure came in at 0 percent, meaning the overall pace of price growth stayed flat between June and July, prompting President Joe Biden to take a victory lap saying that the economy had zero percent inflation in the month of July.
Food Inflation Soars
Some of the sharpest year-over-year jumps in food purchased for consumption at home include flour, chicken, milk, bread, and eggs
The cost of shelter also rose in both annual and monthly terms, accounting for 40% of the increase in the core CPI
Core CPI, which excludes food and energy, remained unchanged in July
'Not Near Done Yet'
San Francisco Fed President Mary Daly sought to temper market expectations that the Fed might soon pivot away from tighter monetary policies
"There's good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal," Daly told the Financial Times
Minneapolis Federal Reserve Bank President Neel Kashkari thinks the Fed will raise its benchmark rate another 1.5 percentage points this year and more in 2023
The Fed is "far, far away from declaring victory" on inflation, despite the "welcome" news in the CPI report that inflation may have cooled somewhat
https://www.theepochtimes.com/grocery-inflation-hits-highest-level-in-43-years-despite-bidens-zero-inflation-messaging_4657788.html
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