Its no secret that the mainstream media has a left-leaning bias. So its not exactly surprising that when alarming new inflation data were released on Tuesday, many journalists and media outlets attempted to downplay the story. After all, rising concerns about inflation could hamper the federal governments ongoing efforts to massively increase government spending and expand the welfare state.
Here are just a few examples of countless reports that sought to downplay the just-released inflation figures. For one, the Washington Post dubbed the new numbers an early sign that inflation could be easing. And CNBC went with a different spin in its headline: Consumer prices post smaller-than-expected increase in August.
Meanwhile, many left-leaning commentators and analysts argued that the new data vindicate their claims that recent price inflation is just transitory. (Aka temporary.)
Yet when one looks at the actual report released by the Bureau of Labor Statistics, this rosy spin seems utterly unwarranted. It shows that the Consumer Price Index, an average sample of typical consumer prices, rose 0.3 percent in August. This is less than the 0.4 percent increase that had been predicted, prompting the media spin to suggest that August saw less inflation than expected. While perhaps true, this is misleading, because the new figures still show prices seriously on the rise.
On an annual basis, from August 2020 to August 2021, prices rose 5.3 percent. Thats nearly a 13-year high!
These rates are manipulated and are about 40% of what Shadow Stats reveals.