Market experts on Twitter reacted to the "troubling" news that the inflation rate was higher than predicted Thursday. The Department of Labor released its consumer price index (CPI) report for the month of September and at 8.2% year over year, the price increase was 0.4% higher than it was last month.The American middle class is feeling the pain caused by their reduced purchasing power.
Peter Schiff, CEO of Euro Pacific Capital Inc., contended that as bad as the CPI reports have been in recent months, it does not represent the true severity of inflation. "Another hotter than expected #CPI surprised investors.
Sept. CPI rose .4%, double expectations. YoY prices rose 8.2%.The 6.6% YoY rise in core CPI is the most since 1982. OER had biggest monthly spike since 1990.The #Fed is losing its #inflation fight.
Soon it will surrender." A recent Gallup survey found that inflation is causing economic hardship for 56% of Americans and various polls have revealed inflation to be a top issue heading into the 2022 midterm elections.
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