Bidenflation Rages On

The latest Consumer Price Index released on Wednesday indicates that Americans continue to experience rising costs under the Biden administration with no clear relief in sight. Despite the 0.1 percent increase in the headline month-over-month number for March, bringing the 12-month advance to five percent, the core CPI number, which excludes the volatile food and energy costs, rose by 0.4 percent month-over-month to reach 5.6 percent in the past year. Americans have now experienced inflation above five percent for 23 out of the 26 months Joe Biden has been in office.

According to the latest Bureau of Labor Statistics, shelter costs are the biggest contributors to the headline CPI number in March, with an increase of 8.2 percent in the past 12 months. While the Biden administration may claim that their “build back better” initiative is working, American’s wallets are telling a different story.

When looking at the latest 12-month price changes for common necessities, the impact of Biden’s inflation becomes more severe. Transportation services have increased by 13.9 percent, gas service costs have gone up by 5.5 percent, food prices remain 8.5 percent higher, and electricity costs have surged by over 10 percent.

Ironically, President Biden’s announcement of new restrictive vehicle emissions standards aimed at ending the use of fossil fuels comes at a time when electricity costs continue to soar, as Dagen McDowell points out.

Recommended

Trending on Townhall Video