Inflation is back on the rise, with the year-over-year Consumer Price Index rising to 3.4 percent last month.
It appears Biden’s economic victory lap was premature — yet again.
Core consumer prices — not including food and energy costs — shot up by 3.9 percent year-over-year.
The “higher than expected” numbers comes amid “a reversal of some of the declines” from previous months. It’s the 33rd straight month with inflation above three percent and caps a year in which Americans saw massive price increases in areas like car insurance, car repairs, and non-prescription drugs.
Overall, prices have risen by 17.3 percent since Biden took office. Electricity is up by 25 percent, food prices are up by 20.2 percent, and rent is up by 19 percent under Biden.
It comes as real wages remain lower than when Biden took office — a 2.5 percent pay cut.
Meantime, inflation remains twice the rate it was when Biden took office. On a year-over-year basis, inflation has averaged 5.7 percent under Biden — more than double the level under any of the past four presidents.
For whom, exactly?
