Fake CPI Report: Leaked 10.2% Inflation Rumor Scares Consumers — Is the Real Number Any Better?
“We’re aware of a fake CPI release image circulating on Twitter. It is a fake. Stay tuned for the real CPI release tomorrow at 8:30 AM ET,” the BLS tweeted on July 12.
We’re aware of a fake CPI release image circulating on Twitter. It is a fake. Stay tuned for the real CPI release tomorrow at 8:30 AM ET.
— BLS-Labor Statistics (@BLS_gov) July 12, 2022
Bloomberg reports that stocks plunged to session lows around the time the fake report began circulating on social media platforms.
The fake report that circulated on July 12 attempted to replicate the formatting of real CPI reports but contained several indications that it was a forgery, including a chart whose numbers failed to match the text, Bloomberg detailed. The fake CPI numbers claimed inflation reached 10.2% in June, per the Financial Times.
The BLS released the real report on July 13, showing that inflation not only continued to rise in June, but that the data was even worse than expected by many. The all-items index increased 9.1% for the 12 months ending June, a new 41-year high. The increase was broad-based, with the indexes for gasoline, shelter and food being the largest contributors.
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