Inflation surged to a new four-decade high of 8.6% as grocery and gas prices exploded in May, exceeding economists’ expectations. The devastating news comes just one week after the White House declared the President’s economic plan “is working.”
The Consumer Price Index, according to the Bureau of Labor Statistics (BLS) rose 8.6% in May from a year ago while prices jumped 1% in the one-month period from April.
Those increases were more than financial experts at Refinitiv had forecast, expecting an 8.3% year-to-year rise and a 0.7% month-to-month increase.
Headline CPI comes it HOT at +1%, 8.6% year-over-year.
Turns out, March wasn’t the high for year-over-year after all.
— Neil Irwin (@Neil_Irwin) June 10, 2022
Inflation Hits 8.6%, But Wait It Gets Worse
No need to fear. Those price increases are only widespread across the basic necessities to live and work.
“The increase was broad-based, with the indexes for shelter, gasoline, and food being the largest contributors,” the BLS reported.
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It’s literally costing you more to simply survive in America under President Biden.
Neil Irwin, the chief economic correspondent for Axios, explained that there isn’t much positive news to be found anywhere in the 8.6% inflation report.
“I keep looking at the line item breakdown of the CPI report searching for silver linings and I just don’t see any,” Irwin tweeted. “This report is a disaster if you’re a Fed or Biden administration official hoping this inflation will go away without a serious downturn.”
On that, we must disagree. This report is a disaster for the American people.
I keep looking at the line item breakdown of the CPI report searching for silver linings and I just don’t see any. This report is a disaster if you’re a Fed or Biden administration official hoping this inflation will go away without a serious downturn.
— Neil Irwin (@Neil_Irwin) June 10, 2022
Numbers all across the board are staggering. Take-home groceries have risen 11.9%. Food outside of the home is up 7.4%. Gas prices have gone up 48.7% while fuel oil rose 106.7%.
The AAA national average of a gallon of gas is creeping ever closer to the $5 mark, as of Friday sitting at $4.99.
Want to conserve fuel by utilizing transportation services? Those are up 7.9%.
The Daily Mail reports that the latest BLS report “is the strongest signal yet that inflation has not yet peaked, as Biden previously claimed.”
Biden, July 19: “Inflation is temporary.”
Biden, Dec. 10: “Inflation has peaked.”
CNN ➡️ “No end to America’s rising prices”
Fox Business ➡️ “Inflation hits 40 year high”
The Biden administration continues to be wrong and their socialist agenda will only fuel the fire. https://t.co/wy4jgFh24f
— Sarah Huckabee Sanders (@SarahHuckabee) February 16, 2022
The New York Post ran a two-word headline: “ECONOMIC DOOM.”
It’s Not Working
The 8.6% report comes just one week after the White House refused to admit the Biden administration was wrong about the threat posed by soaring inflation rates.
White House press secretary Karine Jean-Pierre at a press conference on June 2nd insisted that President Biden’s economic plan “is working.”
Jean-Pierre referenced Treasury Secretary Janet Yellen’s defense that “unanticipated and large shocks to the economy” are what caused her original assessment of inflation being of little concern to be so off course.
Jean-Pierre went on to insist that “the president’s economic plan, as we see it, is working.”
They might want to get their glasses fixed.
🚨Doocy: “When are you guys going to admit you were wrong about inflation?”
Jean-Pierre: “The president’s economic plan, as we see it, is working.” pic.twitter.com/1kqCmiUBTh
— John Cooper (@thejcoop) June 1, 2022
The President, taking his message to a late-night talk show audience earlier this week, referred to inflation as “the bane of our existence.”
“Inflation is mostly in food and in gasoline at the pump. That’s what kills you,” he said.
Joe Biden about inflation on Kimmel Show: “Inflation is the bane of our existence”. pic.twitter.com/ZfBCGU9sJC
— Maria Dubovikova (@politblogme) June 9, 2022
But don’t tell that to Democrats and the media. To them, the bane of our existence is Trump supporters.
That’s why they held a sham January 6 hearing last night in primetime.
Former congresswoman Tulsi Gabbard slammed the institution, saying Congress doesn’t “care about the real threats” to the American people.
The media doesn’t much care either.
The 8.6% inflation report from the BLS was embargoed until 8:30 this morning. As of writing this column, nearly two hours later, this is CNN’s homepage:
“Liz Cheney’s huge moment.”
January 6th “horrors.”
But no mention of the inflation horrors. The horror to your wallet. The horror to your financial well-being.
Here is MSNBC’s home page:
MSNBC actually has a report well down the homepage about inflation.
Which is going to affect you and your family more today, the Capitol riot or the 8.6% inflation? January 6th or the 12% jump in groceries? Some dude wearing Viking horns at the ‘insurrection’ or the 49% increase in gas prices?
Democrats don’t care that you’re suffering. Nor does the media. Liz Cheney couldn’t give a rip. And Biden certainly isn’t lying awake at night.
But you are. And you’re going to be lying awake worrying about it for quite some time.
Now is the time to support and share the sources you trust.
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