Rick Santelli, CNBC’s Chicago correspondent, discusses the latest inflation report, highlighting that the core Consumer Price Index (CPI) is at its highest level ever.
He emphasizes that the Bureau of Labor Statistics’ data shows a significant increase in prices since the start of the COVID-19 pandemic.
Santelli suggests using the CPI inflation calculator to understand the impact, indicating that it now takes $1.19 in November 2023 to buy what $1 could purchase before the pandemic. (Trending: Fauci’s COVID Missteps Are Coming Back To Haunt Him)
“If you take core CPI (Consumer Price Index), the actual index, which is seasonally adjusted, the read there is 313.216. That probably doesn’t mean anything to you,” Santelli said.
“Means something to me. That’s the highest it’s ever been. It’s ever been!”
“Now remember, the Bureau of Labor Statistics brings out the number. Go to their website. When did COVID start? March of 2020? Okay. This is a December number meaning the most updated prior to about two minutes ago.”
“Go on the website look at CPI inflation calculator and you put in Feb of 2020. What you’ll find is it takes $1.19 of November ’23 to buy what bought a dollar pre-COVID. Do it if you don’t believe me,” Santelli added.
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