Remember that time Joe Biden mischaracterized inflation numbers to tell America that inflation was 0%? What happened? August’s inflation numbers cannot be denied. Year-over-year inflation of 8.3% shocked markets, and led to a stock market selloff in anticipation of further rate hikes. At CNS News, Terence P. Jeffrey reported on the inflation numbers, writing:
The Consumer Price Index (CPI) report released today by the Bureau of Labor Statistics showed that prices on all items in the United States increased by 8.3 percent from August of 2021 to August of 2022, with the price of gasoline rising 25.6 percent, the price of electricity rising 15.8 percent and the price of food rising 11.4 percent.
The report indicated that the 11.4 percent year-to-year increase in the price of food was the highest in 43 years.
“The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent,” said the report.“The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979,” said the report.
Overall, the price increases from August of last year to August of this year were slightly less than the increases from July of last year to July of this year. “The all items index increased 8.3 percent for the 12 months ending August, a smaller figure than the 8.5-percent increase for the period ending July,” said the CPI report.
Action Line: The executive branch is clearly unhinged from what’s happening on Main Street. Americans are tired of trying to fight inflation. Click here to subscribe to my free monthly Survive & Thrive letter, and we’ll weather this storm together.
