> It was a simple comment, not a lecture of how the global economy works.
Well, one can only reply to the comment you wrote, and that comment, as originally written, was misleading at best.
> Point was that there is a hell of a lot more causing inflation than the supply of Russian oil.
No one is claiming otherwise.
But the annualized core inflation rate (6.5%) is dwarfed by the headline rate (8.5%) and the key difference between those rates is fuel and food, both of which are directly affected by Russian actions in Ukraine.
Furthermore, as the article notes: "there were signs that core inflation appeared to be ebbing, as it rose just 0.3% for the month, less than the 0.5% estimate"
Moreover core inflation, despite factoring out direct fuel costs, is still influenced by fuel costs as fuel factors into the price of many other goods. So that 0.3% increase in core inflation is actually pretty remarkable in that it's lower than I would've expected given the brutal increase in fuel prices.
The upshot being, were it not for Russian invasion of Ukraine, I suspect the headline would be "Growth in consumer prices fell slightly in March" as increasing interest rates plus an easing of supply chain issues has reduced pressure on consumer prices.
But forget all that, it's way more fun to ignore the actual facts and just expound about the money supply and how we all need to invest in bitcoin and gold.
> It was a simple comment, not a lecture of how the global economy works.
Well, one can only reply to the comment you wrote, and that comment, as originally written, was misleading at best.
> Point was that there is a hell of a lot more causing inflation than the supply of Russian oil.
No one is claiming otherwise.
But the annualized core inflation rate (6.5%) is dwarfed by the headline rate (8.5%) and the key difference between those rates is fuel and food, both of which are directly affected by Russian actions in Ukraine.
Furthermore, as the article notes: "there were signs that core inflation appeared to be ebbing, as it rose just 0.3% for the month, less than the 0.5% estimate"
Moreover core inflation, despite factoring out direct fuel costs, is still influenced by fuel costs as fuel factors into the price of many other goods. So that 0.3% increase in core inflation is actually pretty remarkable in that it's lower than I would've expected given the brutal increase in fuel prices.
The upshot being, were it not for Russian invasion of Ukraine, I suspect the headline would be "Growth in consumer prices fell slightly in March" as increasing interest rates plus an easing of supply chain issues has reduced pressure on consumer prices.
But forget all that, it's way more fun to ignore the actual facts and just expound about the money supply and how we all need to invest in bitcoin and gold.