Americans shouldn’t expect prices to drop anytime soon.
New Consumer Price Index data shows year-over-year inflation remained high in November at 3.1 percent — double what it was when Biden took office. Core inflation, which strips out food and energy costs, rose by four percent over last year and remains double the Fed’s long-term target.
Under Biden, inflation has averaged 5.8 percent — more than double the level of inflation under any of the last four presidents.
This matters in the lives of everyday Americans. Since Biden took office, Americans have seen a 17.4 percent price hike leading to a 2.8 percent pay cut. Food prices are up 20.3 percent, rent is up 18.6 percent, and electricity is up 24.3 percent under Biden.
With inflation’s compounding effects, it’s no surprise just 14 percent of Americans say Biden has made them “better off” and barely a quarter say “Bidenomics” has been a good thing.
Get used to the high prices — they’re not going anywhere.
