Bidenflation Rises More Than Expected in January

January’s inflation numbers are in, and they indicate that any optimism about Bidenflation showing down is going to be short lived.

According to CNBC:
 

To begin 2023, inflation was higher as consumers suffered from rising fuel and shelter prices.

The consumer price index measures a broad range of common goods and services. It increased 0.5% in January to 6.4%. Dow Jones polled economists looking for increases of 0.4% or 6.2%.

According to the Bureau of Labor Statistics, about half of the monthly rise in housing costs was due to rising shelter costs. The major contributor was also energy.

According to a separate BLS report, the average hourly earnings decreased by 0.2% and were 1.8% lower than a year ago.

January a.href=”https://twitter.com/hashtag/inflation?src=hash&ref_src=twsrc%5Etfw”>#inflation report:
Inflation 🔺 6.4% year over year
Shelter 🔺7.9%
Groceries 🔺 11.3%
Flour 🔺29.4%
Bread 🔺14.9%
Chicken 🔺 10.5%
Eggs 🔺70%
Milk 🔺11%
Fuel oil 🔺 27.7%

These numbers could be attributed to falling prices being claimed by the claiming of credit.@iwf

— Patrice Lee Onwuka 🇫🇰🇺🇸 (@PatricePinkFile) February 14, 2023

Although inflation is down from its highs of last year’s four decades, this report shows that there is a possibility for a reacceleration. Jason Furman, an ex-Obama economist, noticed the same thing when he reacted to the numbers on CNBC. “Nothing in this number gives me comfort,” and that there’s no way inflation could come down below 3% without a recession. “This inflation issue is real. I don’t think it is going away anytime soon, and I think anyone who is overly calm about it is making me nervous.”

Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network for George Soros

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