The following article, Biden Inflation Breaks New Record, Just in Time for Christmas, was first published on Flag And Cross.
When it comes to the accomplishments of the Biden administration, the conversation is a short one. A heated one, but still awfully lacking on substance.
That’s because the reluctant candidate Joe Biden gave way to the reticent President Joe Biden, and all of the issues that were just beginning to emerge at the onset of his first term have been allowed to fester and ferment for 10-plus months now.
Among these worries, perhaps the most pressing at this moment is economic inflation, which Biden has consistently failed to slow despite plenty of time and attention.
This key fiscal indicator reached a terrifying new point this week.
Consumer prices surged at the fastest pace in nearly four decades in November as Americans paid more for practically everything from groceries to cars to gasoline, solidifying hot inflation as a key trait of the economic recovery.
The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday, 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 0.8% in the one-month period from October.
So-called core prices, which exclude more volatile measurements of food and energy, soared 4.9% in November from the previous year – a sharp increase from October, when it rose 4.6%. It was the steepest rate since 1991.
Economists expected the index to show that prices surged 6.8% in November from the year-ago period and 0.7% from the previous month.
Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year over year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%.
The squeeze will be especially harrowing for American consumers as we approach the Christmas holiday, and then tax season soon to follow.
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