While the Biden administration is busy turning out press releases blaming capitalist conspiracies, the numbers are getting worse with two-thirds of Americans reporting that they’re feeling the hit in their pocketbooks and wallets.
And the future doesn’t look good.
Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday, putting pressure on the economic recovery and raising the stakes for the Federal Reserve.
The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month, good for a 6.8% pace on a year over year basis and the fastest rate since June 1982.
Excluding food and energy prices, so-called core CPI was up 0.5% for the month and 4.9% from a year ago, which itself was the sharpest pickup since mid-1991.
And that’s before the imminent price hikes by major producers start kicking in next year.
Energy prices have risen 33.3% since November 2020, including a 3.5% surge in November. Gasoline alone is up 58.1%.
Food prices have jumped 6.1% over the year, while used car and truck prices, a major contributor to the inflation burst, are up 31.4%, following a 2.5% increase last month.
shelter costs, which comprise about one-third of the CPI, increased 3.8% on the year, the highest since 2007 as the housing crisis accelerated.
Gaslighting isn’t working so the Biden administration, like its Venezuelan counterpart, is blaming capitalist conspiracies without explaining why companies, if they could just hike prices by 20% waited until the Biden administration to do so.
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