According to The DailyWire, Lawrence Summers, a former Treasury Secretary who currently serves as the director of the National Economic Council, issued a warning on Tuesday that inflation continues to be a significant issue in the United States.
The Consumer Price Index (CPI) experienced an increase of 8.3% during the months of August 2021 and August 2022, as stated in a report that was made public on Tuesday by the Bureau of Labor Statistics. The reading is lower than it was in July (8.5%), when it was 9.1%, because the price of gasoline is continuing its downward trend, while costs for food, shelter, and medical services are continuing their upward trend from month to month.
As a consequence of this, the rate of core inflation increased by 0.6% in August, which indicated a quicker rate of increase than in July and a 6.3% increase over the course of the previous year. Core inflation covers all products other than food and energy. According to the forecasts of the specialists, the metric was anticipated to advance by 0.3%.
Today’s CPI report confirms that the US has a serious inflation problem.
Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.
— Lawrence H. Summers (@LHSummers) September 13, 2022
Summers made the observation that the median inflation rate jumped to "its highest ever reading." The median inflation rate is an alternate metric of core inflation that is preferred by those who earlier claimed inflation was "transitory."
Fox News SAVAGELY reality checks Biden on LIVE TV— interrupts his delusional speech about inflation:
"We interrupt this celebration for a hard, cold dose of reality." pic.twitter.com/e8iNTMYuBz
— Benny Johnson (@bennyjohnson) September 13, 2022
At one point in time, the Chair of the Federal Reserve, Jerome Powell, and the Secretary of the Treasury, Janet Yellen, contended that rising prices were the result of increased demand as a consequence of widespread government lockdowns. Yellen did, however, acknowledge early in this year that she had been wrong about her assessment of transitory inflation.