Paying subscribers will recall how I have described Jay Powell as being “lost in the weeds” on fighting inflation, and the August Consumer Price Index Summary is the perfect demonstration of this.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.
0.1% Month on Month consumer price inflation and 8.3% Year on Year consumer price inflation is substantially the same position the US was in last month.
The good news is that inflation didn’t get any worse. The really bad horrible news is that Jay Powell’s interest rate hikes aren’t making inflation any better. That is a grim omen for September’s inflation numbers and beyond.
This is what it is to be “lost in the weeds.”
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