WORST INFLATION IN 40 YEARS

Written by on December 16, 2021

WORST INFLATION IN 40 YEARS

By Peter Boykin – American Political Commentator / Citizen Journalist

 

The U.S. Bureau of Labor Statistics released their monthly Consumer Price Index (CPI) report recently – a monthly measure for inflation. And it’s bad news for every American.

The big number: In November inflation rose 6.8% from the same time last year. That’s the highest it’s been since 1982 – four decades ago. Making things worse, this marks the fourth straight month where inflation has been over 5%.

Prices rose across all industries. Here are a few of the year-over-year rises that matter most:

? New cars: 11.1% [the highest jump ever]
? Used cars 31%
⛽️ Gasoline: 58%
? Gas for home: 25%
? Meats, Fish, Chicken, Eggs: 13%
? Electricity: 6.5%
? Shelter: 3.8%

When it comes to feeding your family, it doesn’t matter whether you’re eating out or cooking at home:

Food away from home rose: 5.8%
Food at home rose: 6.4% [highest increase in 13 years]

These numbers just confirm what we already knew: That the Biden economic agenda is not winning for Americans.
69% of Americans say their household expenses have gone up during the Biden presidency. [AP]
69% of Americans disapprove of Biden’s handling of inflation [ABC News]
56% of Americans disapprove of Biden’s economic policies, compared to 37% who approve [CNBC]

For perspective: Wages were estimated to have risen by 5% in November. But with 6.8% inflation, workers actually took a pay cut. This is one of the many ways inflation hurts working-class Americans.

What happens next: Fed Chairman Jerome Powell [who has for the past six months been insisting inflation is “transitory”] is expected to announce it’s taking steps to slow down the speed of inflation – an admission that the inflation we’re experiencing is not a passing fad caused just by rising demand.

[Source: CPI Report, Zero Hedge, CNBC]

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