Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones.
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When assessing the Consumer Price Index (CPI) as employed by the Social Security administration (thus likely understated), it has surged +12% over the past two years. This stands as the second-highest two-year surge in CPI since 1982, trailing only the +16% in 2022. Thus, while CPI has gradually descended this year, it remains historically elevated over the extended term. Clearly depicted in the chart below is the acceleration of CPI over several years, surpassing the normal deviation of the past four-plus decades. |
