#Politics We should get the latest monthly #Inflation numbers tomorrow.
As I've written in past months, "inflation" stopped a long time ago. The number has been misleading because the number released arbitrarily compares to a year before. That was when the global supply chain was recovering from the pandemic, compounded by Russia's invasion of Ukraine. (1/x)
Once #Biden tapped the Strategic Petroleum Reserve, the Consumer Price Index calmed down. Here are the numbers for a year ago:
March 287.504
April 289.109
May 292.296
June 296.311
July 296.276
August 296.171
As we get into the summer, #Inflation will magically disappear because a year ago Biden had addressed the oil demand -- which he had predicted would happen after we stepped up to defend #Ukraine. (2/x)
If you look at #inflation from June 2022 to March 2023, it's only 1.86% (301.836/296.311).
Regarding the recent polls claiming #Biden has poorly managed the economy, that's absurd. By the end of 2023 and early 2024, when we've had more than a year of no "inflation" because the annual number has caught up, Biden's economic poll numbers should improve -- if people bother to pay attention to the facts. (3/3)
Called it ... The latest #inflation number is out. From #NBCNews:
"Consumer prices climbed 4.9% in April — the first time annual inflation has landed below 5% in two years."
As I wrote upstream yesterday, "inflation" is a fallacy because they compare arbitrarily to one year ago.
https://www.nbcnews.com/business/economy/inflation-is-it-rising-coming-down-april-2023-rcna83359
If you want to pick an arbitrary point and compare for yourself, here's the Consumer Price Index page by month going back to 1913.
Guess what?! Since 1913, the #inflation rate is 954.4%! Run for the hills! Stuff your money in a mattress! Buy crypto! 🙄
The April 2023 CPI number is now online. Calculating from June 2022, the #inflation number from June 2022 to April 2023 is 2.38%.
But because we choose an arbitrary "one-year" comparison, everyone is scared.
In two months, "inflation" will be all but non-existent.