Bidenflation is on the rise and there’s no slowdown in sight, according to the latest Bureau of Labor Statistics Consumer Price Index report.
The CPI rose 6.8 percent from a year ago, the fastest rate in nearly 40 years. Core CPI—which excludes food and energy prices— rose 4.9 percent from a year ago, which is the largest increase since 1991.
Energy prices have risen 33.3 percent since November 2020 and increased 3.5 percent in November.
And if you have been to a gas station lately, it will come as no surprise to you that gas prices have climbed 58.1 percent in the past year. Also, if you have been to the grocery store or dined out recently, it will come as no surprise to you that food prices have increased 6.1 percent.
Used car and trucks prices are up 31.4 percent year-over-year as well.
According to the labor department, food and energy costs grew at the fasted one-year pace in 13 years. And shelter costs increased 3.8 percent, the highest rate since the housing crisis of 2007.
The Federal Reserve has been proven wrong as well. The Fed previously claimed that inflation would not be severe and that it would be “transitory.”
Last month, speaking in front of Congress, Fed Chairman Jerome Powell finally admitted that inflation was not indeed transitory, and said that it was time to retire the word when describing current and future inflation.
Powell also added, “at this point, the economy is very strong, and inflationary pressures are high, and it is, therefore, appropriate in my view to consider wrapping up the taper of our asset purchases, which we actually announced at our November meeting, perhaps a few months sooner.”
According to the Wall Street Journal, “Sixty percent of small-business owners said they had increased prices in the previous 90 days, according to a November survey of more than 560 small businesses for The Wall Street Journal by Vistage Worldwide Inc., a business-coaching and peer-advisory firm. Eighty percent of the companies surveyed reported increased labor costs, while 72% said their suppliers had raised prices.”
The rising inflation has been a disaster for Joe Biden, politically speaking.
56 percent disapprove of Biden’s handling of the economy, and his overall approval rating is only 42 percent in the Real Clear Politics average of polls.
The longer Bidenflation continues, it strains credulity to believe his approval ratings will improve in the foreseeable future.