June 10, 2022, 11:00 am EDT
Deadly Inflation CPI at 8.6%
Finally, the May Consumer Price Index (CPI) is out at an 8.6% pace which made another 41-year high record. This fatal and deadly number confirms that out-of-control inflation is far from its peak.
If you watch the media or talking heads, many of them were optimistic about the US economy in terms of soft-landing, peak-out inflation, and a potential recession in 2023. But, we want to be truthful about the reality so our viewpoint may be different from others. We believe that we are still at an early stage of the hyperinflation era. One simple way to make this conclusion is to the crude oil price. If the oil price keeps making new highs, how is possible that inflation would go down?
Of course, inflation will eventually come down. However, it would be the result of poor job markets and a sharp decline in business activities. In simple words, the suffering from majorities is needed.