Should be able to see them here: https://www.bls.gov/news.release/cpi.nr0.htm

We'll see how hard they're going to push the "wages have to come down right now" thing.

1% in May vs 0.3% in April lol. lmao.

  • silent_water [she/her]
    ·
    2 years ago

    copying my comment from the other thread:

    interest rate hikes won't bring inflation under control - inflation is being driven by supply shortages that are driving up the costs for businesses to produce goods. that is, the rate of profit is collapsing so prices must go up in an attempt to compensate. it's going to keep going up until they find a way to valorize all the available capital - but with the death of so many around the world to covid and the aging out of the largest demographic in history, they're going to find that they have only one real way to do so: destroy some portion of fixed capital, whether via wars or some other means.

    some good reading from Michael Roberts, a Marxian economist on this subject:

    • https://thenextrecession.wordpress.com/2022/04/18/the-inflation-debate/
    • https://thenextrecession.wordpress.com/2020/08/21/a-marxist-theory-of-inflation/
    • 20000bannedposters [love/loves]
      ·
      2 years ago

      Price destruction is a thing. You can only hike pieces so much till people just find alternatives like not buying it

        • 20000bannedposters [love/loves]
          ·
          2 years ago

          It's a term that is used mostly for gas. There's a point where the only thing people are going to do is commute or essentials. With food they will start buying pff brand.

          • silent_water [she/her]
            ·
            2 years ago

            that's already happened - I posted a thread a few days ago about families skipping meals. 65+% are already trying to buy cheaper food. people are looking at their commutes and wondering if they make enough to balance out the price of gas it takes to get to work. consumer debt is at all time highs as people try to pay for the increases in essentials, savings account balances are at all-time lows, and non-essential spending seems to have plummeted YTD. and prices are still going up because the actual issue is a supply-side shortage and it's driven by the plummeting rate of profit - businesses need goods that they can hand to laborers to produce commodities for sale. as the prices of those inputs goes up, sustaining profits means raising prices. when demand drops, prices can't follow them because the fixed costs of production have risen too far - businesses must find other places to cut costs, including layoffs. this is stagflation - total value produced drops even as prices continue to rise.