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| White House Flickr/Photo |
Inflation jumped 7.5 percent last month compared to last January in a new almost 40-year high. This increase in the consumer price index marks the fastest year-over-year rise since 1982.
Despite promises from President Joe Biden and economic “experts” that inflation would be short-lived, it is steadily increasing (much like border apprehension numbers). In November, inflation reached the highest it had been for that month in 40 years. Similar to January, December 2021 inflation surged 7 percent to the highest year-over-year level since 1982.
These new inflation highs are problematic not only for Americans who have suffered economic instability and rising prices due to government-forced interruptions for nearly two years now but also for an already unpopular Biden and vulnerable Democrats.
As the 2022 midterms approach, Americans are seeking change. A recent CBS poll found that at least 40 percent of Americans said they were “nervous” about the future of the country. Approximately two-thirds of American voters believe the country is on the wrong track. --->READ MORE HERE
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| Drew Angerer/Getty Images |
U.S. consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.
The consumer price index climbed 0.6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.
Economists had expected prices to rise 0.4 percent on a monthly basis and 7.2 percent above a year ago’s prices.
In December, consumer prices rose 0.6 percent compared with November. For the full year, prices were up seven percent in 2021, the worst annual inflation since 1982.
Excluding the volatile food and energy components, so-called core prices rose by 0.6 percent. The measure soared six percent from a year earlier. Both exceeded economist estimates.
Although many economists and anti-Trump journalists claimed President Donald Trump’s tariffs would raise prices, consumer prices remained low throughout his administration. Trump’s tariffs turned out not to be taxes on consumers. Instead, they were absorbed by Chinese producers and exporters and the profit margins of most large U.S. companies.
Inflation only began to accelerate last March after years of coming in below the Fed’s two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What’s more, the Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan. These combined to fuel demand for goods and services faster than supplies could expand, pushing up prices. --->READ MORE HEREFollow links below to relevant/related stories:
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