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BIDEN WHITE HOUSE: Inflation Is Going to Get Worse

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By Zoriana Zaitseva @ Shutterstock.com

You can feel every time you fill up your gas tank or go to the grocery store that America is suffering the worst inflation in 40 years. American families like yours are watching as prices spike and wondering when it will stop. According to the Biden administration, not any time soon. In fact, it could get worse before it gets better. Christian Datoc reports for the Washington Examiner:

The White House Council of Economic Advisers noted that “there has been substantial run-up in energy prices since February resulting from the Russian invasion of Ukraine” and that “energy and commodities prices will likely contribute substantially to inflation in the coming months.”


The CEA added that half of current year-over-year inflation can be attributed to energy, “vehicle-related price increases, and pandemic-affected services.”

“Month-to-month CPI can be volatile. Looking at the average rate over the last three months (December, January, February), headline inflation has been about 0.7 percent, unchanged from 0.7 percent in the three months before (September, October, November),” the council added. “We know that the recovery from the pandemic will not be linear. The Council of Economic Advisers will continue to monitor the data as they come in.”

Oil and gas prices rose significantly in February due to Russia’s buildup of Russian forces along the Ukrainian border and speculation surrounding Russian President Vladimir Putin’s then-imminent invasion.

Action Line: Inflation is a stealth tax on your retirement and your standard of living, and if you don’t plan for it, life can become very difficult. If you’re retired or soon to be retired, you need to build your investment portfolio with inflation in mind. If you need help, 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.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com