Bidenflation Hits 15.3% As Prices Stay High
Americans' struggle with high prices continues with no end in sight.
tippinsights Editorial Board
May 11, 2023 . 7:43 AM 7 min read
The Consumer Price Index (CPI) released by the government on Wednesday showed a 4.9% year-over-year increase in prices from April 2022 to April 2023, declining from a rate of 5.0% in March, 6.0% in February, and 6.4% in January. The CPI has declined steadily from a 40-year high of 9.1% in June to 4.9% in April. However, the CPI rose 0.4% last month after adjusting for seasonality and 0.5% on an unadjusted basis.
The media headlines read:
Annual inflation cooled last month to the lowest level since April 2021
Inflation rate eases to 4.9% in April, less than expectations
But few media outlets provided context, partly because doing so would shed the Biden administration in a terrible light and does not fit the narrative. But numbers do not lie, so, we are happy to oblige and fill in the gaps.
Our conclusion: The Biden economy continues to be the worst-performing going back to President Carter. From February 2021, the first full month that President Biden served in office, the price of every commodity, from food, to gasoline, to used cars, and air tickets, continues to rise. The rate of rise has slowed, but prices are still increasing month over month.
more
https://tippinsights.com/bidenflation-hits-15-3-as-prices-stay-high/
