'..Another critical characteristic of the earlier inflation era was frequent temporary reversals in inflation, only to be followed by new peaks..'
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(Global Stagflation)(Inflation out of control) - Inflationary Psychology Has Set In. Dislodging It Won’t Be Easy.'WASHINGTON (AP) — Inflation surged in June and workers’ average wages accelerated in the spring — signs that Americans won’t likely feel any relief from rising prices anytime soon .. Inflation has been rising so fast that despite the pay raises many workers have received, most consumers are falling behind the rising cost-of-living.
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Globally, inflation is weighing heavily on other economies, too. This month, prices jumped 8.9% in the 19 European countries that use the euro currency from a year earlier. Europe’s economy has been hit particularly hard by higher natural gas and oil prices stemming from Russia’s invasion of Ukraine, though it managed to grow slightly in the second quarter.
The Fed monitors Friday’s inflation gauge, called the personal consumption expenditures price index, even more closely it does the government’s better-known consumer price index. Earlier this month, the CPI reported an acceleration in inflation, to 9.1% in June from a year earlie r, the highest in nearly 41 years.
The PCE index tends to show a lower inflation level than CPI. Rents, which are rising at their fastest pace in 35 years, are given less weight in the PCE than in the CPI.'
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Inflation and wage data suggest US prices will keep climbing, July 29, 2022
Context(Global Stagflation) - 'Britain's main inflation rate has soared to 9.4% - and could hit 15% in early 2023..' - 'New all-time high [eurozone inflation] of 8.9%''The consumer group said it had examples of shrinkflation – where products were smaller but selling for the same price..' -
It’s ridiculous’: shock as some UK grocery prices rise by more than 20%(Global Stagflation) - 'This situation has essentially morphed into a cost-of-living crisis..' - Dr. Hunt