Consumer prices have soared at the fastest pace since 1982.
The Bureau of Labor Statistics reported on Friday that the Consumer Price Index has grown 6.8 percent compared to last year, a slight increase to the expected 6.7%.
Americans are seeing rising prices on practically everything — from gas and groceries to increases in used cars and housing costs.
The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.8% in the one-month period from October.
So-called core prices, which exclude more volatile measurements of food and energy, soared 4.9% in November from the previous year – a steep increase from October, when it rose 4.6%. It was the steepest rate since 1991.
Economists expected the index to show that prices surged 6.8% in November from the year-ago period and 0.7% from the previous month.
Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year-over-year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%.
Source: Fox Business
All of this is occurring as the United States continues to deal with ongoing supply chain issues and increased demand as Christmas approaches.
The late, great President Ronald Reagan said, “Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.”
He’s not wrong. Your dollar doesn’t stretch as far, and in some cases, it causes people to use their savings in order to make ends meet.
Inflation hurts those with lower incomes the most. A new Gallup poll shows that 45% of Americans say that inflation is causing their family some economic hardship.
As the peak of holiday shopping approaches and winter temperatures drive up heating costs across the U.S., 45% of American households report that recent price increases are causing their family some degree of financial hardship. Ten percent describe it as severe hardship affecting their standard of living, while another 35% say the hardship is moderate.
Lower-income households are most likely to have experienced financial hardship due to price increases. Seventy-one percent of those living in households making less than $40,000 a year say that recent price hikes have caused their family financial hardship. That compares with 47% of those in middle-income households and 29% in upper-income households.
Moreover, 28% of lower-income Americans describe the hardship they are experiencing as severe and affecting their ability to maintain their current standard of living.
As Bloomberg TV’s Lisa Abramowicz notes, wage growth isn’t keeping pace with inflation which hurts those on the margins even more.
Wages are increasing at a rapid pace in the U.S., but they're still not keeping pace with consumer price inflation. U.S. real average hourly earnings are still deeply negative. pic.twitter.com/IQ7QjzDGdJ
— Lisa Abramowicz (@lisaabramowicz1) December 10, 2021
GOP Whip Steve Scalise shows just how much inflation is hitting everyday Americans right in the wallet.
?? NEW REPORT: Inflation at highest level in 39 years.
Hardworking families are now being forced to pay more for just about everything.
– Gasoline up 58.1%
– Food up 6.1%
– Used Cars up 31.4%
– Gas Utilities up 25.1%
– Electricity up 6.5%
Merry Christmas from Joe Biden.
— Steve Scalise (@SteveScalise) December 10, 2021
But it’s pretty clear that the elites don’t care.
At first, the Biden-Harris administration said inflation wasn’t real, then it was “transitory”, then they called it a “high class” problem, then blamed Republicans for it, again claimed it was going to be temporary, and are now insisting that it’s a good thing.
Here’s CNBC’s Jim Cramer touting the “strong economy” shortly after the White House put the thumb-screws to the Corporate Media orgs bitching and whining about negative coverage that Biden is getting.
CNBC’s Jim Cramer: “Today we have the strongest economy, perhaps, I’ve ever seen.”
This comes less than a week after Biden’s team sent out a memo to the media to hype up the economy pic.twitter.com/mehuFKHl7W
— Jewish Deplorable (@TrumpJew2) December 9, 2021
Does anyone want to let Jim here know what happened after the “roaring 20s”?
Cramer’s not the only one bowing and scraping and taking their talking points directly from the regime.
Carol Roth, entrepreneur and small business expert, says that you shouldn’t let the apologists dupe you.
Inflation up 6.8% per CPI data, the fastest rate since 1982.
The experts said there would be no meaningful inflation, then it was “transitory”, now they are telling you it is good for you.
You know the truth. Do not be fooled and do not forget their dishonesty.
— Carol Roth (@caroljsroth) December 10, 2021
Up next: when inflation continues to increase, but at a slower year over year rate, they will phrase it as "inflation is going down" to sell you a narrative.
— Carol Roth (@caroljsroth) December 10, 2021
Democrats are insisting that Biden’s “Build Back Better” plan will ease the burden on families, but that’s the typical Democrat line — throw more money at it rather than dealing with the issue head-on.
Inflation is happening because everything Biden touches turns to crap and spending more money on some far-left Democrat wishlist is only going to exacerbate the problem and further hurt families.
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