Chart of the Day: Still No Inflation!

Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily.

Dylan Matthews points out today that despite the predictions of the doomsayers, inflation continues to be nearly nonexistent. According to the BLS, the headline CPI figure stood at zero in July, and core inflation (which excludes food and energy) was at 0.1%.

As it turns out, that zero number is a statistical artifact. The real number is 0.045%, which rounds down to zero. But if you multiply by 12 to get the annualized figure, it’s still a very, very modest 0.5%. The chart below shows monthly inflation for 2012, annualized for both headline CPI and core inflation.

So why is the Fed still so concerned about inflation, when it’s so well controlled and unemployment is still so high? It is a mystery.

BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate