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The U.S. Bureau of Labor Statistics released a damning report on Tuesday showing inflation has risen 8.5 percent for the 12 months ending in March.
According to an official report by the U.S. Bureau of Labor Statistics, “The all items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981.”
Prices rose to the highest in decades on commodities such as food and gasoline. Fox Business reported energy prices saw a one-month increase of 11 percent from February to March. Gasoline rose 18.3 percent in March, pushing the cost to 48 percent more than it was 12 months ago.
Responding to the unprecedented inflation increases, Sen. James Lankford, R-Okla., stated, “Biden’s policies are the cause of these numbers & the high cost-of-living he’s created hurts every American.”
Gov. Ron DeSantis, R-Fla., also responded to the latest report on inflation. “Inflation is at a 40-year high of 8.5% due to federal policies of borrowing & printing money at unfathomable levels & bad energy policy, which is hurting Floridians,” said the governor.
He added, “Biden could unleash domestic energy production to provide relief. Instead, he is content watching people suffer.”
As Americans seek answers for runaway inflation rates and rising consumer prices, the Federal Reserve has attempted to instill confidence in the American economy.
Chairman Jerome Powell stated in March, “All signs are that this is a strong economy and one that will be able to flourish in the face of less accommodative monetary policy.”
Despite statements like these, many Americans are not convinced that the Biden administration will be able to stop rising inflation or that this is a strong economy. As the federal government strangles America’s domestic energy production and spends trillions, experts warn the U.S. economy could experience a recession.