If you feel like that 8.6% value doesn't measure just how much meaning your paycheck has lost in the past year, you're probably not wrong; the government just doesn't count your pain, writes TianaTheFirst.
Contrary to the smug assertions of the White House and its stenographers in the corporate media, inflation did not, in fact, peak back in March. The Bureau of Labor Statistics published its finding that inflation rose by 8.6% in the year ending this May .
As the Biden administration once liked to boast,"core" inflation, or inflation without the volatile categories of food and energy, is slightly more stable than the overall inflation measure determined by the BLS. But although inflation is always regressive — that is, disproportionately taxing on the poor — inflation with stronger price spikes among food and energy renders the phenomenon even more regressive than usual.
We can normally expect any sort of economic distress to influence rational consumer behavior. A family may forgo their annual summer vacation or monthly sojourn to the local steakhouse, and trips to Whole Foods and Target may be replaced with shopping at Smart & Final and Walmart. But at a certain point, consumer demand is perfectly inelastic, or unresponsive to increases in price.
The BLS grants shelter costs about a third of the weight of its overall inflation rate, food 14%, transportation commodities sans motor fuel 8%, and gas just 4%. But with inelastic demand, the consumer price index's inflation misses many Americans spending a far greater share of their budgets on gas out of necessity.
The most crucial categories of spending — shelter, transportation, and sustenance — are all skyrocketing in cost, and even worse, the prices of food at home are rising at nearly twice the rate of food in restaurants and other public venues. If you feel like that 8.6% value doesn't measure just how much meaning your paycheck has lost in the past year, you're probably not wrong; the government just doesn't count your pain.
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