by James Hickman
Schiff Sovereign

As the 1800s came to a close and the world propelled itself full of innovation and optimism into the 20th century, there was perhaps nowhere else on the planet more admired and envied (except for the United States) than Argentina.

In fact, just like America in the late 1800s and early 1900s, Argentina was overflowing with immigrants from all over the world looking for a better way of life in that land of opportunity.

Argentina had already become a rich country at that point. And it was becoming richer so quickly that its economic growth was outpacing even that of the United States.

By 1900 Argentina’s economy was larger than the rest of Latin America combined, and roughly as large as all of Western Europe combined. It seemed like there was nowhere to go but up.

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from Gareth Soloway

by Wolf Richter
Wolf Street

The problem is in services, which account for 67% of PPI. But goods prices are re-accelerating too. The whole inflation scenario has changed.

The prior months’ data of the Producer Price Index were revised substantially higher today, powered by whoppers of upward revisions in the PPI for services, something that has been happening month after month, and on top of that came the price increases in November.

The PPI tracks inflation in goods and services that companies buy and whose cost increases they ultimately try to pass on to their customers. And the entire year 2024 through November has been a big acceleration.

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from Yahoo Finance

by Anushree Ashish Mukherjee and Anjana Anil
Reuters.com

Dec 11 (Reuters) – Gold gained on Wednesday after an inflation print came in line with expectations, boosting the likelihood of a Federal Reserve rate cut next week, while investors awaited U.S. Producer Price Index (PPI) data for further direction on monetary policy.

Spot gold climbed 0.9% to $2,717.29 per ounce, as of 01:41 p.m. ET (1841 GMT). Spot prices for bullion hit a record high of $2,790.15 an ounce on Oct. 31.

U.S. gold futures settled 1.4% higher at $2,756.70.

The U.S. consumer prices rose 0.3% on a monthly basis in November, data from the Labor Department showed. Annually, it climbed 2.7% after increasing 2.6% in October.

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from Schwab Network

by Josh Schafer
Yahoo! Finance

Wholesale prices rose more than expected in November, adding to a string of sticky inflation prints.

Thursday’s report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 3% from the year prior, up from the 2.4% in October and above the 2.6% increase economists had projected. This marked the highest year-over-year increase since February 2023. On a monthly basis, prices increased 0.4%, compared to the 0.2% seen in October.

Excluding food and energy, “core” prices increased 3.4% year-over-year, above October’s 3.1% increase. Economists had expected an increase of 3.2%. Meanwhile, month-over-month core prices increased 0.2%, in line with last month’s rise and economist projections.

Continue Reading at Finance.Yahoo.com…

from ITM TRADING, INC.

by John Carney
Breitbart.com

The Inflation Trend Is Not Our Friend

The Federal Reserve is about to triple down on its September rate cut mistake by reducing its benchmark for a third consecutive time next week.

The federal funds futures market currently implies a 95 percent chance of a Fed cut at the December meeting of the Federal Open Market Committee (FOMC). A 25 basis point cut will bring the cuts in the second half of 2024 to 100 basis points, a significant easing of the stance of monetary policy, despite a strong labor market and stubbornly persistent inflation.

The Department of Labor released its latest read on consumer prices on Wednesday. This showed consumer prices rising at a breakneck annualized rate of 3.8 percent in November, a big step up from the 3.0 percent annualized pace in October. Core inflation also rose at an annualized rate of 3.8 percent, up from 3.4 percent in October.

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from Matt Christiansen

by Wolf Richter
Wolf Street

On re-spiking motor vehicle prices, jumping food & gasoline prices. But housing inflation backs off.

The overall Consumer Price Index rose by 0.31% (+3.8% annualized) in November from October, the sharpest increase since April. It has been accelerating since June (blue).

The three-month average jumped by 3.0% annualized, also the sharpest increase since April, and the fourth month-to-month acceleration in a row:

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from Gregory Mannarino

by William J. Luther
The Daily Economy

Inflation picked up in October, but remains more or less on track. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew at a continuously compounding annual rate of 2.9 percent in October 2024. It has grown at an annualized rate of 2.1 percent over the last three months and 2.3 percent over the last year.

Core PCEPI inflation, which excludes volatile food and energy prices but puts more weight on lagging housing services prices, was 3.3 percent in October 2024. It averaged 2.8 percent over the last three months and 2.8 percent over the last year.

Pandemics, Hurricanes, Strikes, and Supply Shocks

Why did inflation pick up in October? Adverse supply conditions are at least partly to blame. Hurricane Helene ripped through north Florida, Georgia, the Carolinas, and Tennessee in late-September, leaving those in its wake to deal with debris and high water in the weeks that followed.

Continue Reading at TheDailyEconomy.org…

from The Rich Dad Channel

Inflation has fallen dramatically but remains above the Fed’s target rate.

by Max Zahn
ABC News

Consumer prices rose 2.7% in November compared to a year ago, ticking upward from the previous month and potentially giving pause to the Federal Reserve as it weighs an interest rate cut expected next week. The reading matched economists’ expectations.

The fresh data marked two consecutive months of rising inflation, extending a bout of accelerated price increases that has reversed some of the progress made in lowering inflation earlier in the year.

The inflation gauge makes up the last piece of significant economic data before the Fed announces its next interest rate decision on Dec. 18.

Core inflation — a closely watched measure that strips out volatile food and energy prices — increased 3.3% over the year ending in November, matching the previous month, the data showed.

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from NBC News

The consumer price index increased 2.7% in November 2024 from a year earlier, according to the Bureau of Labor Statistics.

by Greg Iacurci
CNBC.com

Consumers saw inflation pick up slightly in November as price increases in categories including groceries, gasoline and new cars outweighed a deceleration in others such as shelter during the month.

The consumer price index, a key inflation gauge, rose 2.7% last month relative to November 2023, the Bureau of Labor Statistics reported Wednesday. The annual rate was up from 2.6% in October.

“I don’t see an acceleration” of inflation, said Mark Zandi, chief economist at Moody’s. “But I think it’s persistently too strong.”

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from Yahoo Finance

by Aimee Picchi
CBS News

Inflation rose 2.7% on an annual basis in November, according to the latest government report on the Consumer Price Index, or CPI.

Last month’s CPI was forecast to come in at 2.7%, according to economists surveyed by financial data firm FactSet. The Consumer Price Index, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.

The Federal Reserve has been battling high inflation since 2022, when it began ratcheting up its benchmark rate in order to dampen demand from consumers and businesses. That’s helped lower the inflation rate to its current level from a recent peak of 9.1% in June 2022, yet the last leg of the Fed’s journey to push inflation down to a 2% annual rate is proving elusive.

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from CBS News