Just as the White House predicted and preemptively blamed on Russian President Vladimir Putin, inflation continued soaring in March at the highest year-over-year rate since 1981.
According to CNBC:
The consumer price index, which measures a wide-ranging basket of goods and services, jumped 8.5% from a year ago on an unadjusted basis, above even the already elevated Dow Jones estimate for 8.4%.
Excluding food and energy, the CPI increased 6.5%, in line with the expectation. The data reflected price rises not seen in the U.S. since the stagflation days of the late 1970s and early ’80s. March’s headline reading in fact was the highest since December 1981. Core inflation was the hottest since August 1982.
Another month of surging prices and lower wages under Biden.
Overall CPI: +8.5% since last year
Gas: +48%
Electricity: +11.1%
Meat, Poultry, & Fish: +13.8%
Milk: +13.3%
Eggs: +11.2%
Bread: +7.1%
Coffee: +11.2%
Used Cars: +35.3%
Car & Truck Rentals: +23.4%
Airline Fares: +23.6%— Jacki Kotkiewicz (@jackikotkiewicz) April 12, 2022
In the alternate reality CNN, despite describing the numbers as record breaking on both a year-over-year and month-over-month basis, they tried to offer some hope in predicting the rate of inflation would decrease in April, citing decreasing gas prices since their peak in March. However, gas prices are only down 23 cents a gallon from a month ago, and 8 cents from a week ago, and this is most likely to be extremely temporarily “relief” from Biden depleting the nation’s Strategic Petroleum Reserve. Rising demand for fuel in the summer will also push prices higher.
According to a recent analysis, the average U.S. household can expect to spend an extra $5,200 this year due to inflation.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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