Inflation is still red-hot, despite an anticipated decrease from economists, with the Consumer Price Index (CPI) rising 8.3% from a year ago, up 0.1% from the previous month.
The increase comes even as gas prices have fallen significantly from their peaks during that timeframe.
The 0.1% rise month-over-month, the core increase of 0.6%, and the 8.3% rise year-over-year all represent numbers higher than had been forecast by experts.
Economists had been expecting a 0.1% decrease, a 0.3% increase, and 8.0% respectively.
The Hill reports that “economists expected the steady decline in gas prices throughout last month to lead to a” slight decrease, “but prices for food, electricity and a broad range of (items) kept rising.”
Oof, this is bad inflation data for the US.
Core CPI m/m rose 0.6%, double the forecast. Topline rose 0.1%, instead of a forecast decline. Stock futures are plunging.
— Josh Wingrove (@josh_wingrove) September 13, 2022
Consumer Price Index Hasn’t Peaked
The latest report is a tough blow for a President who last month signed the misnomered ‘Inflation Reduction Act’ and an administration that tried telling the American people inflation had peaked.
Commerce Secretary Gina Raimondo was rather confident the Consumer Price Index was on the slide back in July, saying inflation has “probably” peaked, but that could change due to factors “out of our control.”
Those factors cited were “another war” and “another COVID,” neither of which contributed to the August report.
Commerce Secretary Gina Raimondo claims inflation has “probably” peaked.
Biden said inflation was at its “peak” in December. pic.twitter.com/oJ7d4TgGsD
— RNC Research (@RNCResearch) July 24, 2022
Needless to say, it hasn’t peaked.
White House press secretary Karine Jean-Pierre engaged in a bit of mathematical wizardry when she declared last month’s 8.5% year-over-year rise in inflation to magically be “0%.”
“We just received news that our economy had 0% inflation in July,” she said in a blatantly false statement. “While the price of some things went up, the price of others, like gas, clothing, and more, dropped.”
We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.
— Karine Jean-Pierre (@PressSec) August 10, 2022
The Biden Paycut
As per usual, the inflation report notes that while gas prices did, in fact, drop, the cost of other necessities in life offset that and then some.
The food index increased 0.8% in August.
Shelter costs jumped 0.7% and are up 6.2% from August 2021.
Medical care services rose 0.8%, up 5.6% from a year ago.
But hey, who needs those little things, right?
The Consumer Price Index has been at or above 5% for 16 straight months. Real wages, despite rising slightly in this latest report, have been negative for 17 straight months, ever since Biden passed his “stimulus.”
Former President Barack Obama, in a White House appearance just days ago, praised President Biden and told the American people they are “better off” under his administration.
Obama to Biden: “The country is better off than when you took office” pic.twitter.com/riGtTJKVWS
— The Post Millennial (@TPostMillennial) September 7, 2022
“Joe, it is now America’s good fortune to have you as President,” Obama said.
“Thanks to your decency and thanks to your strength — maybe most of all thanks to your faith in our democracy and the American people — the country is better off than when you took office, and we should all be deeply grateful for that,” a proud Obama declared.
Economist Tyler Goodspeed noted today that all indicators point to high inflation being here to stay in the Biden economy.
We all know inflation is killing Americans financially. Even Democrats. The problem is that they simply don’t care that you’re suffering.
A recent poll shows a Democrat voter base extremely out of touch with reality, ranking inflation 8th on a list of urgent issues behind such pet projects as climate change, racial inequality, and even “something else.”
Inflation is by far the “most urgent issue” for GOP (44%) & Indies (30%) – nothing else comes close.
For Dems, it ranks EIGHTH, behind abortion, gun violence, climate change, health care, racial inequality, election laws & “something else.” pic.twitter.com/FtNztT3L9J
— Tom Bevan (@TomBevanRCP) August 31, 2022
President Biden responded to news of the Consumer Price Index once again being on the rise saying “prices have been essentially flat in our country these last two months” and it “is welcome news for American families.”
Is it welcome news? Are you happy with the prices you’ve been paying ever since Biden entered the White House?
POLL: Have you seen your real income significantly decreased by inflation?
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