Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982
- The consumer price index for all items rose 0.6% in January, driving up annual inflation by 7.5%.
- That marked the biggest gain since February 1982 and was even higher than the Wall Street estimate.
- Real earnings for workers increased just 0.1% on the month when accounting for inflation.
- Weekly jobless claims declined to 223,000, below the 230,000 estimate.
- On a percentage basis, fuel oil rose the most in January, surging 9.5% as part of a 46.5% year-over-year increase. Energy costs overall were up 0.9% for the month and 27% on the year.
- Vehicle costs, which have been one of the biggest inflation contributors since they began surging higher in the spring of 2021, were flat for new models and up 1.5% for used cars and trucks in January. The two categories have posted respective increases of 12.2% and 40.5% over the past 12 months.
- Shelter costs, which make up about one-third of the total CPI number, increased 0.3% on the month, which is the smallest gain since August 2021 and slightly below December’s rise. Still, the category is up 4.4% over the past year and could keep inflation readings elevated in the future.
- Food costs jumped 0.9% for the month and are up 7% over the past year.
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