Consumer Price Index again showing strong inflation in July 2021.

The Consumer Price Index, or CPI, shows 0.5% price increases in July with a core increase of 0.3%. While that is the lowest increase since February 2021, half a percent in one month works out to about 6% in a year.
(Discussion cross-posted from Attestation Update because the inflation we are now seeing is a direct and expected consequence of policies at the federal level. Serious levels of inflation impact our economic and political freedom.)
Graph at top of this post shows the monthly change in the primary index along with the core change which excludes food and energy. Graph also shows an average of the preceding 12 months.
The average was running around 0.1% a month for most of 2020 after the shock of the pandemic. You can see the rising monthly increase quite visibly, starting in January 2021. Watch the green line increase from around 0.1% up to currently 0.4%.
The trailing 12 month average is also grim. It shows:
(more…)