How Politicians’ Stupid COVID Reactions Lit A Match Under Inflation
As inflation in the United States is likely to worsen, millions of American families will have to continue penny-pinching for the foreseeable future.
By Helen Raleigh
May 17, 2021
Have you noticed you’re spending more on groceries lately, and that it costs more to gas up your car? You’re not imagining things. Prices of everything from household items to commodities are going up, thanks partially to inflation, an economic phenomenon that sees a steady rise of prices for goods and services eroding purchasing power — or meaning you can buy less with the same amount of money.
The U.S. Labor Department’s Consumer Price Index is an inflation indicator that measures what consumers pay for everyday items from food and gas to toilet paper and cars. It increased 4.2 percent in April, the biggest increase since November 2008. In addition, prices of four CPI subgroups that are closely associated with the wellbeing of American families — food, energy, cars, and transportation services — saw the most significant jump.
The latest CPI data shows that prices of food increased 2.4 percent over the past 12 months. While at first glance that figure may not seem significant, for everyday Americans, a few dollars here and there quickly add up.
Within the food category, for instance, meat prices have risen 5.5 percent, and the costs for apples went up 10 percent to 20 percent depending on the variety. In addition, the prices for agriculture commodities such as corn, soybeans, and wheat all have reached their highest level in six years.
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https://thefederalist.com/2021/05/17/how-politicians-stupid-covid-reactions-lit-a-match-under-inflation/
