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Wednesday’s New York Times couldn’t avoid the historically bad inflation figures, placing economics reporter Jeanna Smialek’s story on the front page: “ Inflation Rate Hit 8.5% in Fastest Rise Since 1981 .” But the text box went for wishful thinking: “March Data May Signal a Possible Peak,” and text tilted towards cheery spin for the Biden Administration given the hard facts, and Smialek barely pushed back on Biden’s pathetic “Putin’s price hike” propaganda. Inflation hit 8.5 percent in the United States last month, the fastest 12-month pace since 1981, as a surge in gasoline prices tied to Russia’s invasion of Ukraine added to sharp increases coming from the collision of strong demand and stubborn pandemic-related supply shortages . …. But the news was not uniformly bad: A measure that strips out volatile food and fuel prices decelerated slightly from February as used car prices swooned. Economists and policymakers took that as a sign that inflation in goods might be starting to cool off after climbing at a breakneck pace for much of the past year. The paper went out on a limb for the administration, going out in search of “several economists” to reassure Americans that the worst is behind us. In fact, several economists said March may be a high-water mark for overall inflation . Price increases could begin abating in the coming months in part because gasoline prices have declined somewhat — the national average for a gallon was $4.10 on Tuesday, according to AAA, down from a $4.33 peak in March…. “These numbers are likely to represent something of a peak,” said Gregory Daco, the chief economist at Ernst & Young’s strategy consultancy, EY-Parthenon…. A letup would be welcome news for the White House, because inflation has become a major liability for Democrats as midterm elections […]
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