Staff Reports
President Joe Biden’s claims that inflation is under control have once again been proven false. The latest Consumer Price Index (CPI) report for August revealed a surge in inflation, with consumer prices increasing by 0.6 percent – three times the previous month’s increase. The 12-month increase now stands at a whopping 3.7 percent, a significant jump from the July rate of 3.2 percent.
Gasoline prices were the main contributor to the inflation spike in August, skyrocketing by 10.6 percent compared to the previous month. Additionally, the cost of shelter has increased for the 40th consecutive month, further burdening American families.
Even when excluding the volatile food and energy indexes, the core CPI still rose by 0.3 percent, suggesting that inflation is spreading across various sectors. The annual core CPI rate now stands at 4.3 percent, painting a bleak picture for Americans’ purchasing power.
President Biden and his administration may try to downplay these numbers, but the reality is clear – inflation remains a pressing concern for Americans and a direct consequence of the Biden administration’s reckless spending and anti-energy policies. The costs of basic necessities have soared in the past year. Food prices at home have risen by 4.3 percent, food away from home by 6.5 percent, and food at employee sites and schools by a staggering 57.6 percent. Everything from tools and hardware to housekeeping supplies and outdoor equipment has seen significant price hikes.
CPI for all items rises 0.6% in August; gasoline and shelter up https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) September 13, 2023
Proving that inflation is not limited to consumer goods, shelter costs have soared by 7.3 percent, leaving Americans struggling to afford a place to live. Utilities, dental services, motor vehicle insurance, and even cable and streaming services have all witnessed prominent price increases in the last 12 months.
The out-of-control inflationary spiral is not just an inconvenience; it is a direct assault on the livelihoods of ordinary Americans and small businesses. Rising prices erode real wages and living standards, making it increasingly difficult for hardworking individuals to make ends meet. President Biden’s promises of economic recovery and stability have fallen flat, leaving Americans feeling the weight of his failed policies.
It is crucial to recognize that these soaring prices are no accident. They are a direct result of the Biden administration’s decision to prioritize radical environmental policies over the well-being of the American people. By diminishing American energy production and embracing policies that stifle economic growth, President Biden has set the stage for this inflationary crisis.
As prices continue to surge across the board, it becomes evident that the Biden administration’s promises of a “build back better” economy are nothing but empty rhetoric. Americans are struggling, and it is time for real solutions – ones that prioritize economic growth, energy independence, and fiscal responsibility. Inflation is not something that can be brushed aside or wished away; it requires bold action and a commitment to conservative economic principles.
