"We already have double-digit inflation..."

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The U.S. Already Has Double-Digit Inflation

Jody Chudley, Contributing Analyst, The Oxford Club

Jody Chudley

A year ago, Federal Reserve Chairman Jerome Powell said rising inflation was temporary.

He told us not to worry.

He wasn't even convinced that inflation would sustain a rate of more than 2%.

I didn't believe him...

I predicted that we would see a steady string of headline inflation numbers that would be much, much higher than anything we had seen in a long time.

Regrettably, I was correct.

Inflation has not only hit and surpassed 2% but also reached a sustained level that is multiples of 2%.

Chart: U.S. Consumer Price Index (Year Over Year)

The 8.58% year-over-year increase in the consumer price index (CPI) that was posted in May was the highest reading we have had since 1981.

But the reality is that May's 8.58% reading is significantly understating how bad inflation really is.

The CPI isn't reflecting it yet, but we already have double-digit inflation in the United States.

Join me today to see why rising inflation is far from over...

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