Inflation is back and worse than it’s been in decades.
Consumer prices rose 0.9% in October and are up 6.2% in the
last twelve months. Two more months of moderate increases,
and the CPI will be 6.5% in 2021, the highest inflation since
1982.
As a result, after surging in the earliest stages of the
pandemic, “real” (inflation-adjusted) average hourly wages have
been trending downward since peaking in April 2020 and are
down 1.2% in the past year…