(Tyler O’Neil – PJ Media) On Friday, the U.S. Department of Commerce again confirmed the ominous warning sign of inflation as the U.S. economy adjusts to global economic trends, the winding down of the COVID-19 pandemic, and President Joe Biden’s profligate government spending. While many economists and policymakers claim that the recent uptick in inflation is temporary, a recent Deutsche Bank report warned of a repeat of the 1970s.
The personal consumption expenditures (PCE) index rose 0.4 percent in May, slightly less than the 0.5 percent increase economists predicted, MarketWatch reported. Over the past year, consumer prices have shot up 3.9 percent, reflecting the biggest gain since 2008 when oil prices hit a record high of $150 per barrel.
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