In Joe Biden’s economy, Americans are suffering through the worst inflation in 40 years. The wage gains of the Trump era are being burned up by the rising prices of the Democrats’ uniparty control of government. Megan Henney reports at Fox Business:
Inflation surged more than expected in January, notching another four-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans.
The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.
Economists expected the index to show that prices surged 7.3% in January from the previous year and 0.5% on a monthly basis.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.
“U.S. annual CPI is the highest since 1982, and what’s worse is that this likely isn’t the peak,” said Seema Shah, chief strategist at Principal Global Investors. “Higher-than-expected monthly gains in core CPI indicate continued underlying heat and will do nothing to relieve pressure on the Fed to tighten sharply and urgently.”
Action Line: Inflation is inevitable when the Federal Reserve and the federal government keep pumping money into the system, increasing the number of dollars compared to the number of goods exponentially, for so long. Americans are tired of watching their savings and salaries be eroded by rising prices. If you need help building a portfolio with inflation in mind, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.
E.J. Smith - Your Survival Guy
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