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'Devastating' Inflation Report Shatters Hopes of Economic Turnaround
[Townhall] Remember more than one year ago when the White House, President Biden, and the rest of his administration told Americans inflation was "transitory?" Well, now more than two years into his term, Biden's first of many attempts to avoid blame for rising prices is still being debunked anew thanks to Friday morning's release of April's Personal Consumption Expenditures (PCE) price index. Considered the "preferred gauge" on which the Federal Reserve bases its monetary policy decisions, the PCE price index surged again in April, blowing past some economists' estimates of a 3.9 percent annual advance to register a 4.4 percent increase over the year. Core PCE — excluding more volatile food and energy costs — also beat expectations with a 4.7 percent increase, though by a smaller margin. Posted by: Besoeker 2023-05-28 |
| http://www.rantburg.com/poparticle.php?ID=668280 |