Bidenflation Rages: Most Expensive Thanksgiving ever? Food, Energy Prices Won’t Stop Soaring; Inflation Expectations at Record Level as Country Grapples with Higher Prices; Relief From High Prices Unlikely, and related stories

Inflation expectations at record level as country grapples with higher prices:

Short-term inflation expectations are at their highest levels since the Federal Reserve Bank of New York began surveying consumers nearly a decade ago.

The regional Fed bank released its October Survey of Consumer Expectations Monday and found that median expectations are that prices will rise by 5.7% over the next year, a 0.4% increase from the previous month and a record since the metric began to be analyzed in 2013.

“The increase in the short-term measure was the series’ twelfth consecutive increase and was most pronounced for respondents who have at least a college degree and those between ages 40 and 60,” it said in a news release

While short-term expectations rose since September, expectations for the next three years remained stable after hitting a record 4.2% that month. —>READ MORE HERE

Relief from High Prices Unlikely, Analysts Say Ahead of Consumer Inflation Data Release:

With investors closely eyeing two major data releases this week on inflation—one on producer input costs and the other on consumer prices—Wells Fargo analysts say it’s unlikely sticker-shock-weary consumers will see relief as the persistent supply-side crunch will “keep fanning the flames on inflation in the near term.”

On Tuesday, the Labor Department will release data for October’s producer price index (PPI), which tends to front-run consumer inflation data as at least some production costs get passed on to consumers. Economists expect a year-over-year rise of 8.7 percent in the PPI inflation measure, which would be the highest reading in the history of the series. Last month’s PPI came in at 8.6 percent, a record high.

And on Wednesday, the Labor Department will issue figures for October’s consumer price index (CPI), a key measure of inflation from the perspective of end consumers of goods and services. Consensus forecasts predict a year-over-rise of 5.3 percent in the CPI inflation gauge for October, with the prior month’s rise amounting to 5.4 percent, near a 30-year high.

On a month-over-month basis, CPI is expected to clock in at 0.5 percent, according to consensus forecasts released by FXStreet, though Wells Fargo analysts expect inflation was running hotter.

“Consumer Price Index report for the month of October is unlikely to offer much of a reprieve on the inflation front,” Wells Fargo analysts wrote in a note, in which they predict a 0.6 percent month-over-month increase in the CPI index. “If realized, this would put headline CPI inflation at 5.9 percent year-over-year.” —>READ MORE HERE

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