Inflation hits USA

[mindrust]

US inflation soared 7.9% in past year, a fresh 40-year high

Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.

The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.

Looks like the inflation will be even higher than this when the next quarter's numbers arrive. Probably double digits. I've also read that the FED might not now raise the rates because of the conflict in Ukraine with Russia. I guess hyperinflation is near.

edit: fixed a big typo. "...FED might not now raise..." Sorry about that. 

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[mk4]

Funny how some people on social media seems totally surprised by the announced inflation numbers, even though bitcoiners and goldbugs have been screaming on the top of their lungs about inflation for more than a year now.

Though a good amount of inflation is definitely here, I really wouldn't bet on hyperinflation though.

[SyndicateLabs]

As a result of the post-pandemic time, it has destroyed almost every sector. It is sad to include the issue of war between Russia and Ukraine, which I am sure will increase in the coming quarters. As you mentioned, Fed may raise interest rates. Personally, from a macroeconomic perspective, the FED is always at the top in terms of money injection and recovery. This is really a bookie of this earth. 

[ChiBitCTy]

Yeah fuck man, inflation has been absolutely insane for the past year. 7.8/7.9 might be where we are at right now but there’s so many more things that have shot up much higher. It’s crazy because we are literally all losing money by keeping any of our monies in traditional bank accounts. This is going to crush so much of the world and really destroy people.

[mindrust]

Yeah fuck man, inflation has been absolutely insane for the past year. 7.8/7.9 might be where we are at right now but there’s so many more things that have shot up much higher. It’s crazy because we are literally all losing money by keeping any of our monies in traditional bank accounts. This is going to crush so much of the world and really destroy people.

It almost sounds like a great reset which I've read about so much. Some clown somewhere said "You'll own nothing and you'll be happy." few months ago. The picture you just drew don't look like happiness to me at all. I mean crashing, crushing whatever the world can't bring happiness... It like saying "I am going to kill you and you'll be grateful for it."

[Poker Player]

US inflation soared 7.9% in past year, a fresh 40-year high

Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.

The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.

Looks like the inflation will be even higher than this when the next quarter's numbers arrive. Probably double digits. I've also read that the FED might not now raise the rates because of the conflict in Ukraine with Russia. I guess hyperinflation is near.

edit: fixed a big typo. "...FED might not now raise..." Sorry about that. 

Well, if official inflation was 8% last year we can be sure that it was clearly above 10%, surely 15% or more.

But no matter how bad things are, I doubt that we will reach hyperinflation in most industrialized countries, not if maybe in Russia or other countries, but we must remember that hyperinflation is defined as an increase of the CPI of 50% per month.

[_act_]

US inflation soared 7.9% in past year, a fresh 40-year high

I have been hearing people to use a safe asset as asset which can be a bulwark against inflation, assets like bitcoin or gold, but gold adoption is too high, more value will be in bitcoin. The warning that inflation will hit United States have been when people have been talking about money printing which has been many months ago even if not more than a year ago. Even without the warning, people should know there is nothing good fiat will do than to be spent and to devalue. Gold can be hard to get, many other physical assets can be hard to get, but right from your home you can get bitcoin on your wallet, there is nothing bad to convert your fiat to bitcoin because this is not the end of inflation which is normal in all countries.

[mindrust]

US inflation soared 7.9% in past year, a fresh 40-year high

I have been hearing people to use a safe asset as asset which can be a bulwark against inflation, assets like bitcoin or gold, but gold adoption is too high, more value will be in bitcoin. The warning that inflation will hit United States have been when people have been talking about money printing which has been many months ago even if not more than a year ago. Even without the warning, people should know there is nothing good fiat will do than to be spent and to devalue. Gold can be hard to get, many other physical assets can be hard to get, but right from your home you can get bitcoin on your wallet, there is nothing bad to convert your fiat to bitcoin because this is not the end of inflation which is normal in all countries.

Valid points. I think people should own both. You'll never know which one will come in handy. Without the internet and electricity gold and physical FIAT become more useful. When you have access to these things but don't want to carry anything physical because you are in an unfriendly territory, then crypto becomes a better choice.

One thing is for sure, FIAT is dying. You definitely don't want to be there with your life savings.

[The Sceptical Chymist]

Funny how some people on social media seems totally surprised by the announced inflation numbers, even though bitcoiners and goldbugs have been screaming on the top of their lungs about inflation for more than a year now.

I'd like to point out that goldbugs are always screaming about inflation--whether there's any significant inflation or not--whereas bitcoiners tend to be a little less blindsided by their investment of choice.  Goldbugs are so in love with gold that they keep repeating the same mantra of it being an inflation hedge, that it's been around for millenia, etc., that they'll never talk about selling gold.  Ever.  I've seen this in action for the last decade on sites like coinflation.com and zerohedge, and I saw the same arguments being made in an old magazine from 1982 that I happened to pick up a few months ago....so it's just rhetoric for the goldbugs.

But yeah, I just heard the same 7.9% figure on the news this morning.  If I'm not mistaken, gasoline was included in the statistics (please correct me if I'm wrong), and I'd think that would heavily influence the reported inflation rate since unlike some of the other things in that "basket of goods" gas has skyrocketed.  Groceries and restaurant food have gone up quite a bit, but I don't think those prices have kept pace with what gasoline has been doing.  At my local gas station, it's up another 1% overnight.

[gantez]

But yeah, I just heard the same 7.9% figure on the news this morning.  If I'm not mistaken, gasoline was included in the statistics (please correct me if I'm wrong), and I'd think that would heavily influence the reported inflation rate since unlike some of the other things in that "basket of goods" gas has skyrocketed.  Groceries and restaurant food have gone up quite a bit, but I don't think those prices have kept pace with what gasoline has been doing.  At my local gas station, it's up another 1% overnight.

The inflation is highest in US since 40 years

US has witnessed this kind of inflation a long time ago like 40 years past. Apart from the war and it minor effect, retaliatory sanction from Russia to EU and US by cutting off gas supply is the major reason I believe. Comparing last year's inflation in US which was 4.7%, and that shows 3.2% rise just in first quarter of the year. There is possible increase in inflation in US and Europe this year and the cause being the effect of Russia sanction of the war in Ukraine and Russia cutting off supply of gas. I think EU and US should find alternative for gas as they approaching summer. Next winter IMO is going to be difficult if they don't resolve the situation in gas supply.

[Findingnemo]

Don't worry everyone will get used to it because that's how we actually made by the manipulators for very long time. Probably initially people will talk about it but later they will run mkre to earn more but they never realise that no matter how much money they make it ks not going to be enough because fiat always lose its value gradually or suddenly.

[laredo7mm]

US inflation soared 7.9% in past year, a fresh 40-year high

Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.

The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.

Looks like the inflation will be even higher than this when the next quarter's numbers arrive. Probably double digits. I've also read that the FED might not now raise the rates because of the conflict in Ukraine with Russia. I guess hyperinflation is near.

edit: fixed a big typo. "...FED might not now raise..." Sorry about that. 

In this time gold and bitcoin will be the safe haven for many investors. Some might buy bitcoin by seeing potential growth in the future. But there is no argument that the USD is falling and very soon the US economy will be shattered. I not sure what will happen after that but it's sure those who acquire gold and bitcoin in this hard time will be rewarded greatly.

[Beerwizzard]

In this time gold and bitcoin will be the safe haven for many investors. Some might buy bitcoin by seeing potential growth in the future. But there is no argument that the USD is falling and very soon the US economy will be shattered. I not sure what will happen after that but it's sure those who acquire gold and bitcoin in this hard time will be rewarded greatly.

Not sure about Bitcoin. It was always a risky asset and people normally invested money they could afford to loose. it might happen that current investors decide to drop their crypto and move their finds into a safer asset. It is a bit wrong only to compare inflation to crypto without checking what mechanisms fiat markets got for such issues.

[kryptqnick]

I think inflation is not going to be the biggest issue, to be honest. Around 8% is high for the developed world, of course, but I've lived in a country where a 10-15% inflation is quite common (and yet we haven't jumped to hyperinflation), and I can tell you that while yes, you feel the impact, it's not critical by any measurements and not something that is impossible to overcome. But what can be affected a lot is prices for certain products, of course. So I believe it's best to stop Putin ASAP, so that the US and other countries can then re-establish their relationships with the new Russian government. It's in the best interests of the US to help Ukraine now as much as possible, so that the hit on its economy isn't getting higher. Sitting it out is not going to work with Putin, just like it didn't work for the previous two world wars for the US. But not sending their own people to die in the war is still a possibility if Ukraine's given much more military support (weapons) than it's receiving right now thanks to Biden being scared of Putin.
Also, a small note: it's the war of Russia against Ukraine, not the conflict in Ukraine with Russia (the latter downplays the aggressive act of invading a sovereign state which Russia committed).

[teosanru]

US inflation soared 7.9% in past year, a fresh 40-year high

Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.

The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.

Looks like the inflation will be even higher than this when the next quarter's numbers arrive. Probably double digits. I've also read that the FED might not now raise the rates because of the conflict in Ukraine with Russia. I guess hyperinflation is near.

edit: fixed a big typo. "...FED might not now raise..." Sorry about that. 

Haha US is putting up sanctions on Russia not knowing how their taxpayers are going to suffer when it would come to footing the bill of all this. Moreover I even read yesterday US approved a $13 Billion budget for aid to Ukraine. This is like adding fuel to fire of budgetary deficit already going on in the U.S. I am more surprised to see how US is not ready to accept that it's economy is actually burning and when it comes to repayment of national debt they are going to suffer a lot.

[tabas]

What? that's still without the effect of what happened with Ukraine-Russia war? For sure, it will be higher when the record will be released. So, without the effect of the sanctions, they should think better on how to deal with the big inflation rate that has come to them. Actually, not just only to them but for most countries that are affected by this war. Well, they can make some way to decrease that and many countries are relying to US dollars so if they get a huge inflation, then many will also have it that are reliant to them.

[fiulpro]

I heard someone say that the inflation was already evident but the government tried to hide it under the scarf of the Russian Sanctions, therefore am not really sure what happened and if the war is quite the reason but that's not it. The government was hiding many more things in place. I do think that this is not going to lower down as well since things are not improving and switching to greener alternatives would take days and months if not years, therefore this might be a bit of a bad time for the people in the US, but it's not just US alone other countries as well are affected by inflation, even in the UK the government is not able to control it. I do think that it's something that both COVID and the war brought.

[el kaka22]

It is only going to get worse from here unless something is done. Don't get me wrong, there is nothing wrong with one year of inflation, it will hurt you but if next year is 2% or thereabout, and then 5 years after that is still the same and there are no crisis no crashes no problems then we will be fine. However, in order to do that then something has to change.

At this point, I do not think even the wealthy people are responsible for the exploitation of poor people, even wealthy people are not really as "rich" as their counterparts 50-100 years ago. Right now, you can mock Elon musk, whereas nobody really did that to Carniege. So all in all, governments needs to figure out a way to take the nation to next stage, or these type of crashes and inflations will keep on happening all the time.

[Gozie51]

The inflation in US is not a surprise because what is happening in Ukraine has to touch more countries and I believe some countries have higher inflation now than before the war. US has a more data count and collection enough to know what is happening in her economy. If the economy in US is under inflation then more countries in EU should have higher inflation rate now compared to US because there is now unplanned population in EU in countries like Poland, Belarus, Germany etc.

[thecodebear]

Remember just a few months ago when the Fed was saying inflation was transitory lol. And all Bitcoiners were laughing because it was obvious inflation would keep rising.

US monetary system is in a very tough position now in which it is not economically feasible to raise interest rates much but they have to in order to get inflation under control.

The way out: own bitcoin as you watch everyone else get screwed.