The Labor Department reported that inflation grew at it’s fastest rate in over 12 years as of last month, following economic recovery and rising energy prices. The consumer price index, which measures energy and housing costs, as well as a fistful of other goods, rose by 4.2% compared with last year, compared with the Dow Jones estimated 3.6% increase. Monthly gains increased by 0.8% compared with an expected 0.2%.
— jeroen blokland (@jsblokland) May 12, 2021
This report comes out as the Biden Administration seeks to spend a whopping $6 trillion on a Green New Deal package and an American Families Plan welfare program.
“Whenever I hear numbers like this I look back to my childhood growing up in Hungary where I was playing with billion-dollar notes. The value of money meant nothing,” says Thomas Peterffy on inflation worries. “I’m very worried this is an unstoppable situation.” pic.twitter.com/TTVgUl6Kw4
— Squawk Box (@SquawkCNBC) May 12, 2021
Author: Jan Burgess