The data from December is in – and once again, Bidenomics has set a new inflation record.
According to Fox Business:
Inflation rose at the fastest pace in nearly four decades in December, as rapid price gains fueled consumer fears about the economy and sent President Biden’s approval rating tumbling.
The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released Wednesday, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.5% in the one-month period from November.
Economists expected the index to show that prices surged 7% in December from the year-ago period and 0.4% from the previous month.
So-called core prices, which exclude more volatile measurements of food and energy, soared 5.5% in December from the previous year – a sharp increase from November, when it rose 4.9%. It was the steepest 12-month increase since 1991.
This is the HIGHEST inflation we've seen in OVER 39 YEARS #Bidenflation
Gas: +49.6% since last year
Fresh Fish: +10.2%
Used Cars & Trucks: +37.3%
Car & Truck Rentals: +36%
— Jacki Kotkiewicz (@jackikotkiewicz) January 12, 2022
— Energy & Commerce GOP (@HouseCommerce) January 12, 2022
The reaction to the news over at CNN ranged from “wow” to “yikes,” as even they’re out of ideas to spin this in Biden’s favor.
In late December, Biden’s net job approval rating on the economy had officially fallen below Jimmy Carter’s.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros