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Inflation surged at breakneck speed across the country last month, resulting in a rate that surpasses four decades, according to the latest report produced by the Labor Department.
As the cost of living skyrockets, the consumer price index (CPI) increased 8.6 percent in May from the same month a year prior. The CPI is used to measure the price fluctuations of consumer goods and services over a period of time. The data compiled by the Labor Department highlights everyday necessities as the major factors for the climb.
According to the report, "The food index increased 10.1 percent for the 12-months ending May, the first increase of 10 percent or more since the period ending March 1981" marking a 40-year high. "The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors," states the report. The new statistics are a wet blanket to the Biden administration, who hoped that inflation would slow down by now. However, the spiral is exacerbating a continual financial strain on Americans.
For example, energy prices leaped 3.9 percent in May and 34.6 percent over the year. In addition, Americans, on average, are paying 48.7 percent more at the pump than they were a year ago for fuel. Painstakingly, food costs have risen 10.1 percent since last year.
The tale of the tape shows that Joe Biden has struggled with controlling inflation after Trump left the White House. Nevertheless, Democrats have labeled Biden’s economy a “Biden Boom,” but zooming prices along with shortages of labor, supplies, and baby formula proves otherwise.
As business analysts attempt to find a peak for Biden’s inflation, Americans are forced to pay more money for fewer commodities.
As the midterm elections draw near, Democrats may want to avoid help from their leader. For reasons associated with the weak economy, Joe Biden is polling terribly among members of his own party. However, President Trump remains popular among GOP voters and has been working tirelessly to help Republicans send a red wave to the nation’s capitol come November.
