by Peter Schiff
Schiff Sovereign
Once again, the media missed the real story.
The Wall Street Journal and New York Times, among many others, reported that consumer prices, as measured by the Consumer Price Index, rose 3% year-over-year.
And everybody seems to accept that story, that annual inflation is now up to 3%. This is a small uptick from the annual rate that was reported in December, which was 2.9%.
Federal Reserve Chairman Jerome Powell even told Congress yesterday that we’re “close” to the 2% inflation target, “but we’re not quite there yet,” as if things were moving in the right direction. And lawmakers just nodded along. No one challenges the Fed Chairman. Not the politicians. Not the media.