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| May Consumer-Price Data (#1) - Jun. 15, 2005 |
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Summary
Thanks to the Labor Department, this morning was Act II of this week's staging of "Inflation Follies!"
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Earlier today, the Labor Department reported a 0.1% decline in May consumer prices. As was the case yesterday with the Producer Price Index, the CPI's "core" rate rose in May, albeit a modest 0.1%. Thus, CNBC and the other venues in the regular propaganda loop are not talking about core CPI, as would normally be the case when it makes for much better spin.
Based on today's release, the overall CPI was up 2.8%, year over year, versus a 3.0% increase for the 12-month period ended May 2004. The core rate was up 2.2%, year over year, which compared with a 1.7% gain for the 12 months ended May 2004.
Later this week, I will publish a more detailed look at the recent inflation numbers, including import prices, the PPI and the CPI.
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