Inflation Surges To 7.5 Percent Compared To A Year Ago – Highest Rate Since 1982

According to Labor Department data, January’s Consumer Price Index rose by 0.6% on a seasonally adjusted base. That is a 7.5 percent increase in inflation over the previous 12 months.

The statistics, according to CNBC, indicate “a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.”

The Dow Jones’s estimate of 7.2% is higher than this increase and it marks the fourth-highest reading in the past four decades.

But don’t worry. According to the Labor Department’s news release, the reason for the staggering inflation is mainly due to the essential necessities of living.

“Increases in the indexes for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase,” they report.

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It’s imperative to note that while inflation numbers and charts are devastating, the most devastating impact is what the American people are feeling right now because of that data.

For Americans trying to afford basic necessities like food and energy, it’s a big problem costing families thousands of dollars.

The Penn Wharton Budget Model published a mid-December analysis that showed the effect inflation trying will have on average American families.

“We estimate that inflation in 2021 will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in recent previous years (2019 or 2020),” the group wrote.

Worse, it’s far more detrimental to lower-income households because a larger percentage of their budget will go towards those basic needs.

“Lower-income households will have to spend about 7 percent more while higher-income households will have to spend about 6 percent more,” they add.

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Approval rating

The inflation numbers, which are both devastating to the Biden White House as well as the Democrat Party in general heading into midterms, have a political dimension.

It is, as they say, “the economy, stupid.”

The most recent Real Clear Politics average of all major national surveys shows President Biden’s numbers significantly underwater on the topic of the economy.

Only 38.3 percent approve of Biden’s handling of the economy while 56.3 percent disapprove.

Tommy Pigott, the Rapid Response Director for the RNC issued a statement blasting the President.

“Unfortunately for the American people, Biden has decided to double down on the policies that caused this inflation in the first place,” Said Pigott.

“Whenever Biden says the word ‘prices,’ remember this: he lied about inflation for months, has lied about its consequences, and has zero credibility on the issue.”

Inflation was said to be temporary by President Biden in the summer of 2009. These numbers might suggest that this statement may have been incorrect.

“I want to be clear: my administration understands that were we ever to experience unchecked inflation in the long term, that would pose a real challenge for our economy,” he said over the summer.

“While we’re confident that isn’t what we’re seeing today, we’re going to remain vigilant about any response that is needed.”

It’s a real challenge alright, Joe. It’s destroying the budgets of everyday Americans. That’s a problem.

It is difficult to imagine how you will survive three more years in a White House with an economically ignorant person.