The Bureau of Labor Statistics reported on Thursday that the consumer price index climbed 0.6 percent in May to reach a 5.0 percent inflation rate for the year, the highest since 2008.
The Federal Reserve sets the acceptable inflation target at 2 percent – a mark it had achieved more than a decade before the Biden administration.
President Joe Biden’s response to inflation seems surprisingly lacking. Honestly, he seemed to have given up.
“President Biden’s top economic officials and the Federal Reserve are trying to sell the benefits of inflation,” he said. The hill reported
Secretary of Treasury Janet Yellen spoke The New York Times on Sunday and said, “If you look at wage increases, you could have a wage price spiral, so you have to be careful.”
However, Yellen added, “I don’t see what’s happening right now.”
Key Indicators Beyond Troubleshooting
The BLS dropped a bombshell on it report. The key “all item indexes” is rapidly evolving fearfully – the fastest rate since 1992.
“The index of all items rose 5.0 percent for the 12 months ending May; it has been trending every month since January, where the 12 -month change was 1.4 percent,” the report read.
“The index for all items less food and energy rose 3.8 percent in the last 12-months, the largest 12-month increase since the period ending in June 1992.”
It was also noted that food prices were 2.2 per cent higher than a year ago.
Energy Price Affects Everyone
The worse news comes at the price Americans pay gasoline, electricity and natural gas.
The report states that “[t]he energy index rose 28.5 percent in the last 12-months. “
And oil inventories are down, down to 5.1 million barrels since last year, according to GasBuddy. Current inventories are down 3 percent from the five -year average.
Finally, natural gas was 13.5 percent higher.
Prices of Used Vehicles Surprisingly High
There was a sharp decline in new cars made due to a worldwide shortage of computer chips, with some estimated as high as 2.5 million fewer cars produced worldwide in the first half of the year.
Therefore, Americans are turning to the used car market in groups to replace their aging vehicles.
Not surprisingly then the BLS reported the average price of a used car was a whopping 29.7 higher than a year ago.
CarGurus It was reported that last year, customers could expect to pay $ 20,292 on average for a used car. Today, that average reaches $ 26,363.
With all the bad news piling higher and higher, all eyes turned to Biden for his response.
This article originally appeared on The Western Journal.
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