The Bureau of Labor Statistics released data on Thursday showing that inflation hit another 40-year high as consumer prices surged to 7.9 percent.
According to Fox Business, the consumer price index skyrocketed 7.9 percent on an annual basis. Energy prices largely contributed to the massive wave of inflation, with the bureau’s data showing energy up by 27 percent, not considering the full measure of the latest surge in oil and gas prices.
From February 2021 to February 2022, grocery prices spiked 8.6 percent, representing the largest one-year increase since 1981.
The Bureau of Labor Statistics official government website reads, “Over the 12 months from January 2021 to January 2022, the Consumer Price Index for All Urban Consumers (CPI-U) rose 7.5 percent. This is the largest 12-month increase since the 12-month period ending February 1982.”
Inflation has plagued the Biden administration throughout Joe Biden’s first year in office. Americans are experiencing record inflation due to Biden’s massive spending policies, the supply chain crisis, and damaging legislation that has reversed America’s strong economy under President Donald Trump. In particular, Biden’s trillion-dollar spending packages have been blamed for increasing inflation at an unprecedented rate.
Sen. John Barrasso, R-Wyo., tweeted Thursday, “@JoeBiden truly is the president of high prices. The American people are seeing it again today with 7.9% #inflation – a 40-year high.” Barrasso explained that Americans are “having to change the way that they eat, the way they drive, and the way they live” because of Biden’s economic failures.
House Minority Leader Rep. Kevin McCarthy, R-Calif., has also blamed the Biden administration for the lack of response to record-breaking inflation. “The Biden administration will certainly be scrambling to spin today’s disastrous inflation numbers, but they should simply look in the mirror,” he said.
“Exactly one year ago,” McCarthy continued, “Democrats rammed through an unnecessary and wasteful $2 trillion bill to fund liberal pet projects.” McCarthy blamed the multi-trillion-dollar package for contributing to the rampant inflation hurting millions of Americans.
With inflation soaring and gas prices rising, the Biden administration will now have to come up with answers for Americans or face a devastating blow in the November midterm elections..