It’s a Scorcher! Inflation Hits 31-Year High in October
After the Biden administration saw it’s first-ever jobs report that wasn’t a complete disaster last week, they’re seeing an inflation report…. that’s once again a complete disaster.
The narrative has cycled from inflation not existing, to being something transitory, to MSNBC going as far as to argue that it’s actually a good thing. There’s seemingly “stages of grief” for media narratives when it comes to protecting their own.
And their only choice at this point is to spin, because it’s clear that inflation isn’t going anywhere.
According to CNBC:
Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported.
The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago. That compared with the 5.9% Dow Jones estimate.
On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.
Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared with the 4% expectation and the highest since November 1990.
Inflation data breakdown:
Gas: +49.6% since last year
Fresh Fish: +11%
Pork Chops: +15.9%
Sporting Goods: +8.7%
Used Cars & Trucks: +26.4%
Car & Truck Rentals: +39.1%#transitory #fed #CPI
— GhostSquawk (@ghostsquawk) November 10, 2021
In response to the news, Biden has called on Congress to pass his Build Back Better agenda, even though trillions in additional new spending would obviously exacerbate inflation.
No speech, but Joe Biden issues a 455-word statement in reaction to inflation numbers pic.twitter.com/S2I3lotb3X
— Charlie Spiering (@charliespiering) November 10, 2021
As has already been made evident on countless other issues, on the economy, the Biden administration doesn’t have a clue what they’re doing.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros, Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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