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09-14-2022, 06:41 AM
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Sage
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Join Date: Mar 2015
Location: The Villages
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Quote:
Originally Posted by MandoMan
Just so people understand, that does NOT mean that prices increased another 8.3% in August. It means the rate of inflation for the total year so far (!) DECREASED from 8.5% to 8.3%. For the total for EIGHT MONTHS to drop 0.2%, prices in August had to drop approximately that amount times eight, or 1.6%. The Federal Reserve Bank had hoped that raising interest rates last month would cause even more of a decline, but it hasn’t yet. Meanwhile, gas prices are back to where they were from 2011-2015, just before a gas glut lowered prices so much that lots of oil wells were closed and fracking decreased a lot. That was an unusual situation, and while it was good for us, it was not good for oil companies.
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Not quite.
The CPI was expected to drop by 0.1%, but instead rose by 0.1%. Sounds like a minimal change, but enough to drop the Dow by 1300.
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