Someone must not have told President Joe Biden that the national inflation number is not going down after all.
One main reason may be that Joe’s inept administration’s cabinet members don’t know how to run their own departments efficiently, nor understand the economy themselves.
Even though gasoline prices had settled, but went back up .40 cents per gallon over the past 30 days, they are still lower than their record highs of 6 months ago.
The problem for those hoping inflation would go down, the new national average is still well above what the failing occupant in the White House had to work with after being sworn in less than two years ago.
On Monday, Biden told a small crowd that the United States was making progress on inflation.
“The American people should have confidence that we’re on the right track, that we’re seeing real progress,” he said at an event in Boston on Monday.
In their attempt to control the inflation narrative, The White House planned a celebration of President Joe Biden’s “Inflation Reduction Act” on Tuesday.
The problem for them is, that on Tuesday before the event, consumer prices rose again in August, according to the latest numbers from the federal government.
After a small drop in July, down from the worst inflation in forty years, consumer prices are rising again.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index rose one-tenth of a percentage point. On a year-over-year basis, the CPI was up 8.3 percent.
The Bureau of Labor Statistics’ Consumer Price Index released Tuesday morning shows that inflation in August rose one-tenth of a percentage point from July and up 8.3 percent from the previous year.
This flies in the face of promises made by the administration as they pressured Democratic Senators Manchin (WV) and Sinema (AZ) to vote for the “Inflation Reduction Act”.
You remember the one that spends billions of dollars subsidizing green new deal energy projects, electric cars, and funding the failing government-subsidized health care.
Instead of curtailing and driving down inflation, the cost of health insurance and energy keeps rising.
Grocery prices continue rising fast, as prices rose 0.7 percent from July and 13.5 percent from the previous year. Restaurant prices are up 0.9 percent from July
Health insurance rose 2.4 percent over the past month and up 24.3 percent from the previous year. Electricity prices rose 1.5 percent from the previous month, and natural gas rose 3.5 percent.
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