Americans Continue To Suffer As Inflation Hits 7% In December Making It A 40 Year High

According to Wednesday’s new Labor Department report, the consumer price index (CPI), which measures the difference in the cost of essential goods and services, rose 7% over the last 12 months. This marks the most significant 12-month increase since June 1982, almost 40 years.

While the Biden Administration promotes the news that energy prices fell 1.1% in December 2021 from November 2021. According to the CPI report, over the last year, America’s energy prices increased by an average of 29.3%, with the price of gasoline (all types) rising 49.6% and fuel oil rising 41%.

Similarly, food prices rose by 6.3%. Eating at out cost Americans about 6% more than last year, and eating at home increased by 6.5%. According to the report, “all of the six major grocery store food group indexes increased” with the largest increase for meats, poultry, fish, and eggs- which increased by 12.5%.

When asked by reporters in July 2021 whether Americans’ concerns over the rising inflation were valid, Biden laughed at the idea saying, “there is no unchecked inflation coming on the way.”

Instead of dealing with the policies causing the unchecked inflation issues, Democrats intend to shift blame.

Sen. Warren spent her time in the Senate Hearing Committee on Banking, Housing, and Urban Affairs dispelling blame for rising inflation. Instead of admitting the Democrats’ massive spending bills and anti-energy/anti-production policies caused a 40 year high in CPI, Warren claims corporations are raising prices for greed alone.

Chief Strategist at Principal Global Investors, Seema Shah, told Fox that a 7% rise of the CPI is no laughing matter. “It’s the highest annual CPI number since 1982 and driven not by energy prices, but by just about everything else,” Shah said.

Although Biden admits that “price increases [are] still too high and squeezing family budgets,” he is unwavering in pushing the narrative that his administration is producing a strong economy. Biden claimed that today’s numbers show “a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases.”

Almost 1/3 of the total CPI increase came from rising Shelter costs. Shelter prices rose 0.4% since November, 4.1% over the last 12 months, and is the fastest-growing shelter cost increase since 2007.

To round out the damage done by Democrat policies, the report indicated an American worker’s real earnings (wages after inflation) declined by 2.4% in the last 12-months.

Join The Discussion

Related Posts