
IPFS News Link • Economy - Economics USA
Inflation Just Hit a 13-Year High. Here's Why You Should Care
• https://fee.org by Brad PolumboDefenders of big-government pandemic interventions have insisted that any price inflation these schemes have caused is just temporary. But even more data just came in showing price inflation hitting new highs—further spotlighting the destructive consequences of these reckless policies.
The federal government just released the latest Consumer Price Index (CPI) for June 2021, an imperfect but useful metric that tracks general price inflation in a bundle of typical consumer goods. Basically, it attempts to illustrate how much prices are rising for the goods average Americans buy regularly. The June edition shows prices once again sharply on the rise, with a 0.9 percent increase from May to June. From June 2020 to June 2021, the data show that consumer prices rose a whopping 5.4 percent.
Contrary to what the experts have been telling us, US consumer price inflation soared to a 13 yr high of 5.4%/yr. What did they miss? The explosion in the money supply. As Milton Friedman taught us: "Inflation is always & everywhere a monetary phenomenon…"https://t.co/I0vGYjAcAQ
— Steve Hanke (@steve_hanke) July 13, 2021