The official year-over-year U.S. price inflation rate for January 2017 reached a new 58-month high of 2.5%!
In August 2016 after the BLS reported an official U.S. price inflation rate for July 2016 of only 0.84%, NIA predicted that it would triple over the following six months to an official price inflation rate for January 2017 of 2.52%. NIA’s forecast was off by only 2 basis points!
In fact, the official U.S. price inflation rate for July 2016 was later revised downward to 0.827%. This means it has increased over the last six months by 167.3 basis points.
NIA in August 2016 had forecast a six month increase in the official price inflation rate of 168 basis points, which was almost perfectly accurate and off by less than 1 basis point!
NIA remains confident in its August 2016 prediction that the official U.S. price inflation rate will explode past 3% for the month of February 2017! Click here to see a chart of the official U.S. price inflation rate over the last 58 months and compare it to NIA’s August 2016 forecast of the official U.S. price inflation rate through February 2017!
EDITOR’S NOTE: We reached out to NIA in an effort to find updated statistics and have not heard back yet. This report will be updated as we are updated on this.