by Ace
US inflation soared 7.9% in past year, a fresh 40-year high
By CHRISTOPHER RUGABERWASHINGTON (AP) Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come.
The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24. Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.
Even before the war further accelerated price increases, robust consumer spending, solid pay raises and persistent supply shortages had sent U.S. inflation to its highest level in four decades. What’s more, housing costs, which make up about a third of the government’s consumer price index, have risen sharply, a trend that’s unlikely to reverse anytime soon.Oh look, they forgot to mention the fact that the dollar was devalued by multiple rounds of multitrillion dollar “stimulus.”
“The numbers are eye-watering, and there is more to come,” said Eric Winograd, senior economist at asset management firm AllianceBernstein. “The peak in inflation will be much higher than previously thought and will arrive later than previously expected.”
…Seeking to stem the inflation surge, the Federal Reserve is set to raise interest rates several times this year, beginning with a quarter-point hike next week. The Fed faces a delicate challenge, though: If it tightens credit too aggressively this year, it risks undercutting the economy and possibly triggering a recession.That’s Our Brandon!
The very fact that this regime leapt at the opportunity to blame a prior year of inflation on Putin’s invasion last month makes idiot Biden’s weak and incompetent “attempts” to prevent the invasion all the more suspicious. Almost as if such a war would make a great opportunity to divert blame from idiot Biden’s DAY ONE policies to Putin.
biden has no plan to combat and reduce inflation. Inflation is the most punishing tax on the middle class.
White House Rebuffs Report Claiming Saudi, Emirati Leaders Declined Calls with Joe Biden
more lies from the regime.
When you are spending money made through extortion, money laundering, influence peddling and bribes, inflation doesn’t really bother you that much.
Unprecedented Inflation Setting Records, No End in Sight
Hidden Tax: Near 8-Percent Bidenflation Rate Will Cost US Families Roughly $300 Extra Dollars per Month