Biden Economy: Consumer Inflation Rises 5.4%, Gas Prices Up 42%
Americans are being robbed of their incomes and their savings by the Biden economy. And even Biden's people are starting to admit that it's getting worse, warning Americans to look forward to a depressed holiday season. Even assuming Fauci will allow them to get together.
Inflation accelerated in September, with consumer price pressures across America showing no sign of easing ahead of the all-important holiday shopping season.
Consumer prices increased 5.4% from the year-ago period, slightly faster than their 5.3% increase the previous month and on par with the increases in June and July. Core inflation — which strips out volatile food and energy costs — grew 4.0%, the same spike as in August.
It's the fastest rate of inflation in 13 years, matching the pace set in July.
It figures we're going back to the recession under Biden.
Continuing inflation risks a depressed holiday shopping season which could be devastating to the economy. Biden's people are going to push for more government handouts to encourage people to spend which will lead to further debt and inflation.
Not to mention a decreasing workforce and higher unemployment.
Given a choice between some pain now and postponing the pain, the Biden administration is likely to go on making the same bad decisions leading to an escalation of misery.
"Prices for food and shelter were responsible for more than half the [September] increase in CPI. Those costs, in addition to higher gas prices, hit lower-income prices particularly hard," Robert Frick, corporate economist at Navy Federal Credit Union, said in a note. "Higher food prices can be blamed on temporary issues, such as weak supply lines including expensive trucking. But higher shelter costs will remain after supply lines are mended."
Food prices, like most consumer prices, aren't likely to go down much once they've gone up. Much like the 70s, the consequences of the Biden economy are likely to become the new normal.
Gasoline prices rose another 1.2% for the month, bringing the annual increase to 42.1%. Fuel oil shot up 3.9%, for a 42.6% year over year surge.
Food prices also showed notable gains for the month, with food at home rising 1.2%. Meat prices rose 3.3% just in September and increased 12.6% year over year.
The political precedents for these kinds of numbers from 2008 and 1991 are scaring Democrats.
The consumer price index for all items rose 0.4% for the month, compared with the 0.3% Dow Jones estimate. On a year-over-year basis, prices increased 5.4% versus the estimate for 5.3% and the highest since January 1991.
Remind me what happened in those presidential elections again?