canyonwalker: Mr. Moneybags enjoys his wealth (money)
[personal profile] canyonwalker
The US Bureau of Labor Statistics today published the much anticipated consumer price index (CPI) for October. Economists' consensus was that it'd come in at 7.9%. That'd be a high rate, though less than June's 9.1%, a 40 year peak, or even last month's 8.2% level. Well, the figure came in slightly less bad than expected: only 7.7%. But Wall Street went wild.

Inflation is "only" 7.7%, Wall Street goes wild! (Nov 2022)

Stocks went on a tear today. The S&P 500 index rose 5.5%. The tech-heavy NASDAQ rose more than 7.3%. Within the technology sector heavy hitter Apple was +7.3%, Amazon +12.2%, NVidia +14.3%.

While traders on Wall Street were living it up, I was out grocery shopping on Main Street. The price of the carton of milk I bought today was 13% higher than just one week ago.

It's not just milk that's getting more expensive. Across the past year I've seen prices on many grocery staples rise by 50% or more.

"Why isn't the inflation number higher, like 50%, then?" you might ask.

It's because the official inflation metric used excludes "volatile" things like food. Riiight, one of the core necessities of life, food, is excluded from the statistics.


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canyonwalker

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