Key Fed inflation gauge at 2.2% in August, lower than expected

[progree]

22. Prices are up 19.3% since 8/2019 according to the PCE, and 22.7% according to the CPI

8/2019 to 8/2024
PCE: https://fred.stlouisfed.org/series/PCEPI
CPI: https://data.bls.gov/timeseries/CUSR0000SA0

So reversing all that should be possible with 1930's style Great Depression and a little political willingness to endure a little hardship.



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Interestingly, real median household income (i.e. adjusted for inflation) exceeded 2019 levels in 2023 per September 2024 Census Bureau report
https://www2.census.gov/library/publications/2024/demo/p60-282.pdf

Average real (i.e. inflation-adjusted) hourly earnings are above the pre-pandemic level:
. . . # Real average hourly earnings of production and non-supervisory workers: https://data.bls.gov/timeseries/CES0500000032
. . . # Real average hourly earnings of private sector workers: https://data.bls.gov/timeseries/CES0500000013