Surprise: Inflation Is Running Rampant In Developed World Nations

Weren’t the Credentialed Media telling us that inflation wasn’t a concern, that everything would be OK, and even “heck, you right wingers are crazy for talking about inflation.” I guess CNN Business missed the memo from CNN News

Global inflation hasn’t been this high since 2008

Price are rising quickly across huge swaths of the developed world, with inflation in countries that belong to the Organization for Economic Cooperation and Development surging in April to the highest rate since 2008.

Energy price hikes boosted average annual inflation across OECD countries to 3.3% in April, compared with 2.4% in March, the Paris-based organization said Wednesday. That’s the fastest rate since October 2008, when the global financial crisis delivered a massive shock to the world economy.

But prices are rising across the world even when volatile food and energy costs are excluded. When those products are omitted from calculations, inflation still jumped from 1.8% in March to 2.4% in April.

The sudden arrival of inflation as economies reboot following the coronavirus pandemic is a major challenge for policymakers around the world. Rising prices are bad news for anyone on a fixed income, and central bankers may be tempted to combat inflation by hiking interest rates or paring back stimulus programs.

Economists agree there is upward pressure on prices. But there is no consensus on whether rising inflation is a temporary phenomenon that will fade as economies and consumers adjust to life after the pandemic, or if price rises signal the start of a sustained trend with major implications for workers and companies.

“Implications.” They mean a big cost of living increase.

Prices are rising at different rates across the 38 countries of the OECD, which together account for about 60% of the global economy. In the United States, annual inflation increased to 4.2% in April from 2.6% in March, while Canada’s rate accelerated to 3.4% from 2.2%. Europe saw more modest increases in April, with inflation increasing to 1.6% in the United Kingdom, 2% in Germany, 1.2% in France and 1.1% in Italy.

But there are signs that prices are continuing to rise. Surging energy prices caused inflation in the 19 countries that use the euro to increase to 2% in May from 1.6% in April, according to data published Tuesday, exceeding the European Central Bank’s inflation target of “below but close to 2%.”

This couldn’t have anything to do with the insane spending from government, right? Or how governments are doing things to change energy

Energy costs are stoking inflation. Just look at US gas prices

Investors worried about rising inflation should keep an eye on what’s happening at the pump.

US gas prices hit their highest level in seven years during a busy Memorial Day weekend, as Americans traveled to meet up with friends and took much-needed vacations.

What’s happening: Data from GasBuddy shows gas in the United States is at its most expensive since 2014. AAA puts the national average at $3.05 per gallon, up from $2.90 one month ago and $1.98 a year ago. (snip)

In the United States, inflation data released Friday showed a 3.6% rise in prices in April from one year ago, as energy prices jumped 25%. Excluding the cost of food and energy, prices rose 3.1%.

Sure, things like the pipeline country getting hacked causing all sorts of problems did not help. What about west coast areas? What’s causing the price increases there? Could it have anything to do with Biden and Democrats climate-fear mongering and saying they are going to get rid of fossil fuels?