Here’s the raw data from this morning’s CPI release. Make your inferences.
The percentage change in the Consumer Price Index for all items was up 0.8
percent in February and 7.9 percent y/y. All food items were up 1.0 percent in
February and 7.9 percent y/y. Energy prices were up 3.5 percent in February and
25.6 percent y/y. Therefore, for all items less food and energy, the core CPI
increased 0.5 percent in February and 6.4 percent y/y.
Higher food prices are negatively correlated with political stability.
“Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.” – wiki something or other
I don’t know about the 40’s, but in Tricky Dick and Spirow Agnew’s day, price controls didn’t really work very well. And though Paul Volker’s 16% mortgage rates and 10% Certificates of Deposit didn’t stop Reagan from thankfully creating the Social Security Trust Fund, a garage project in Palo Alto was about to change the world in completely unpredictable ways that would dwarf it all by orders of magnitude.