Fact!
Fighting inflation and lowering costs is the Biden-Harris top economic priority. Trump’s second term economic plans could make inflation skyrocket.
YOY inflation
- Signs of inflation getting under control after ticking up the last few months (inflation is still way below post Covid highs)
- Food prices in April fell for the first time in a year, by 0.2% (eggs led the decline with a 7.2% drop in prices)
- headline inflation up 3.4% YOY but easing off it’s highs
- Core inflation fell to its lowest level in 3 years
YOY inflation v wages
- Purchasing power has increased: Because the unemployment rate is so low, overall wages continue to outpace inflation (4% vs 3.4%)
- Lower income workers have done materially better than 4%
Consumer sentiment v inflation expectations
- There is a very high correlation between consumer sentiment and inflation expectations
Stock market indices
- Trend shows that overall, investors are pleased with the inflation data and the way the economy is being run
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Sources: Steve Rattner, Axios, The White House
