The Federal Bureau of Labor Statistics released its data right on time at eight o'clock in the morning. When Leo saw the numbers in his office, he hadn't even finished his coffee.
The core CPI had risen 6.8% year-over-year, marking the fifth consecutive month of month-over-month increases. Within the food category, wheat products surged by 19%, cooking oil spiked by 22%, and the price of eggs hit a near-decade high. In the energy sector, driven by ongoing geopolitical tensions, the retail prices of gasoline and natural gas soared past the upper estimates of most analysts.
Financial media outlets splashed new headlines across their front pages, each worded more aggressively than the last. A few directly used phrases like "the most severe inflationary pressure since the 1970s."
