The Latest Inflation Report Shows Record Prices. Biden Calls It a Victory.

President Joe Biden declared Tuesday’s Labor Department monthly inflation report a victory. He pointed to a decline in inflation rates from their record high last summer as evidence of his success. “working to lower costs for hard-working Americans.” This may not be a relief to many Americans as February’s Inflation report Prices of essential goods increased more than 10% compared to a year ago, and inflation was higher than wages.

In February, grocery store food prices rose 10.2 percent compared to the previous year. Many energy services also saw an increase from last year. Electricity was up 12.9 percent, and utility gas was up 14.3 percent.

Biden instead of addressing the rise in prices for these goods in the past year, he highlighted the decline in inflation rates from months ago and said in a Statement That “annual inflation is down by a third from this summer … the slowest annual increase since September 2021.”

Although inflation has dropped to 6% since the summer, it was still high in August. Exceeded While the price growth has surpassed wage growth by 9 percent, it is still below 9 percent. The Labor Department reports that February saw real average earnings of $47,267. Sensitivity to decreased An annual rate of 1.3%

Although Biden has lauded his efforts to control inflation, experts disagree. Pointed The president’s policies, which include his $2 trillion American Rescue Plan, were cited as a major factor in the creation of record inflation. In October, Rep. Jim Clyburn (S.C.), the Democratic House majority whip at the time, was quoted as saying that President Obama’s policies, including his $2 trillion American Rescue Plan, played a major role in creating record inflation. When they passed Biden’s legislation, the Democratic caucus was aware that it would cause inflation.

The Americans are still pessimistic about their economy despite the slight decline in annual inflation in recent months. Gallup February poll Poll According to a survey, 68 percent believe that the economy is worsening.