'The average price of food in the United States increased 8.5% in the 12 months ended March after posting an annual increase of 9.5% in February, according to the latest inflation data published April 12, 2023, by the U.S. Labor Department’s Bureau of Labor Statistics (BLS). As recently as August, the rate of inflation for food at 11.4% was the highest since May 1979.'
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Food Inflation in the United States (1968-2023), April 12, 2023
'The PCE price index was up 4.2% from a year earlier, a marked slowdown when compared to March 2022 that reflected a spike in energy prices immediately after Russia’s invasion of Ukraine. That said, it remains roughly double the Fed’s 2% target.''US Inflation Pressures Persist .. Labor costs in the US have risen at least 1% for seven straight quarters, extending what was already a record streak in data back to 1996, the Labor Department data show .. The PCE price index was up 4.2% from a year earlier, a marked slowdown when compared to March 2022 that reflected a spike in energy prices immediately after Russia’s invasion of Ukraine. That said, it remains roughly double the Fed’s 2% target.
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A separate report out Friday showed that longer-term inflation expectations ticked up in April. Consumers surveyed by the University of Michigan expect inflation to average 3% over the next five to 10 years, up from 2.9% in March.'
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US Inflation Pressures Persist, Reinforcing Case for Fed Hike, April 28, 2023
Context(Global Stagflation) - 'IMF Managing Director Kristalina Georgieva emphasized the need to overcome sticky inflation..'