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!