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Dollar Down 20% Since 2020, Biden Blames Greed
Assuming CPI measurements are not understatements, the dollar's value has plummeted by a staggering one-fifth since 2020, yet, rather than acknowledging its role in fueling this economic turmoil, the Biden administration deflects, casting capitalism and corporate greed as the villains. The latest February CPI data show more signs of the upcoming inflation bloodbath.
The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.
According to the Bureau of Labor Statistics' latest price inflation data, CPI inflation in February accelerated for the second month in a row, and price inflation hasn't proven nearly as transitory as the regime's economists have long predicted.
According to the BLS, Consumer Price Index (CPI) inflation rose 3.2 percent year over year during February, without seasonal adjustment. That's the thirty-sixth month in a row of inflation well above the Fed's arbitrary 2 percent inflation target.
Month-over-month inflation accelerated, with the CPI rising 0.4 percent from January to February, with seasonal adjustment. Month-to-month growth had been 0.3 percent from December to January.
The ongoing price increases largely reflect growth in prices for food, services, electricity, and shelter.
For example, prices for "food away from home" were up 4.5 percent in February over the previous year. Gasoline prices fell 3.9 percent over the period, but electricity was up 3.6 percent. Prices for "services less energy services" rose 5.2 percent, year over year, while shelter rose 5.7 percent over the period.
Pulling out volatile energy and food prices, we find price inflation remains stubbornly high. So-called core CPI growth remains near four percent—double the "two-percent target"—keeping price inflation growth near thirty-year highs. In other words, core CPI is a long way from returning to "normal." Moreover, February's month-over-month increase hit 0.4 percent, which is the largest increase recorded in any month since April 2023.