The Biden administration had another terrible week.
They sent out their various cabinet members, such as Treasury Secretary Jan Yellen, to take some of the blame, while collectively arguing there is nothing that can be done from a governmental level, to tackle inflation, skyrocketing housing, and gasoline pricing.
Well, The Data Is Out, Prices Rose By 1% in May Alone… ’Experts’ Expected Decline
In May inflation accelerated further with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, the so-called core CPI was up 6%, slightly higher than the 5.9% estimate.
Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%.
Housing, which accounts for about a one-third weighting in the CPI, rose 0.6% for the month, the fastest one-month gain since March 2004. The 5.5% 12-month gain is the most since February 1991.
Finally, food which affects all Americans, costs climbed another 1.2%, bringing the year-over-year gain to 10.1%.
Friday’s numbers dented hopes that inflation may have peaked and adds to fears that the U.S. economy is nearing a recession.
The inflation report comes with the Federal Reserve in the early stages of a rate-hiking campaign to slow growth and bring down prices.
“Obviously, nothing is good in this report,” said Julian Brigden, president of MI2 Partners, a global macroeconomic research firm. “There is nothing in there that’s going to give the Fed any cheer. … I struggle to see how the Fed can back off.”
Inflation has been a political headache for the White House and President Joe Biden.
Administration officials pin most of the blame for the surge on supply chain issues related to the Covid pandemic, imbalances created by outsized demand for goods over services, and the Russian attack on Ukraine.
In my opinion, Joe Biden is following a blueprint provided by Obama and other globalists, an Obama third term.
With Joe’s mental decline underway, he is the perfect person to take the blame for the damage these policies are causing.
Joe will blame Putin for the inflation during his last few years in office as he spends his weekends at his beach house, laughing at those who actually believe in climate change, which he obviously doesn’t.
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