Joe Biden has been pitching the narrative that the inflation we’re seeing is transitory – but it has no signs of slowing down yet.
The Labor Department just released their statistics for the Consumer Price Index from July, with prices rising 0.5% from June to July alone, or 5.4% on a year-over-year basis, a thirteen-year high.
According to CNBC:
The Labor Department reported Wednesday that its consumer price index rose 5.4% in July from a year earlier, in line with June’s figure and matching the largest jump since August 2008. So-called core inflation, which excludes energy and food, rose by 0.3% last month, shy of a forecasted 0.4% increase and well below June’s rise of 0.9%. The core figure is up 4.3% over the last year, a slight deceleration from June’s 4.5%.
Sharp decelerations in inflation in select areas of the economy that had seen rapid price increases in the spring helped keep the headline numbers in check. For example, Used car and truck prices, which rose rapidly between April and June as Americans looked to vacation, gained just 0.2% in July after a climb of more than 10% in the prior month.
The Fed has kept interest rates near zero for the past 12 months and continues to flush financial markets with $120 billion in emergency monthly bond purchases. Some members of the central bank, including Vice Chair Richard Clarida, have started to give forecasts for eventual interest-rate increases.
This news comes after the Senate just passed a trillion dollar infrastructure bill, and the House debates a $3.5 trillion liberal wish list.
Another terrible Inflation report today, CPI at a 13 year high.
Here’s a visual of the #BidenInflationSpike.
Joe got a big Inflation assist this week from feckless GOP senators like Loser Lindsey, Milquetoast Mitt, and Minority Mitch. pic.twitter.com/9fkTK9nhyg
— Steve Cortes (@CortesSteve) August 11, 2021
Here’s where inflation is running high:
Car rental 73.5% (y/y)
Used cars 41.7
Utility gas 19
Wash machines 17.9
Pork roast 13.7
Sports equip 7.2
New cars 6.4
Rent (OER) 2.4
— Heather Long (@byHeatherLong) August 11, 2021
While wages are on the rise nominally, they’re now falling on an inflation adjusted basis.
Voters know who to put the blame on; in a recent Morning Consult poll, 59% of voters aid Biden was to blame for record high inflation – and that’s likely to increase as the problem persists.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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