Bidenomics: Inflation Returns to Highest Level in Thirteen Years
The bad economic data continues pouring in.
Just days ago we got the worst jobs report of the Joe Biden presidency thus far, with the economy adding only 194,000 jobs in September vs. 500,000 expected. Employment among women specifically actually fell by 26,000 jobs.
So poor was the report that CNN didn’t even attempt to spin it. “The economy added way less than anyone expected and less than last month, and the worst of the year,” admitted CNN’s Christine Roman.
And now the inflation numbers are in, and they back up what we’ve all been experiencing.
According to the Washington Examiner:
Consumer prices rose 5.4% for the year ending September, according to a report by the Department of Labor released Wednesday, the highest pace of inflation since 2008.
“While some of the so-called transitory factors like used car prices, airfares, and apparel continue to ease after sharp run-ups in earlier months, inflation is broadening out,” said Greg McBride, Bankrate senior analyst. “Food and shelter increases together contributed more than half of the seasonally adjusted increase in the CPI. With home prices soaring and rents surging, this may just be the tip of the iceberg.”
Note that the 5.4% increase (setting the thirteen-year record) is for how much inflation rose year-over-year. Prices rose 0.4% from August to September specifically.
The breakdown by product category is as follows:
Where are Americans seeing inflation?
A lot of places:
Rental cars +43% over last Sept
Used cars 24%
Kids' shoes 12%
New cars 9%
Restaurant prices: 5%
— Heather Long (@byHeatherLong) October 13, 2021
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros