Biden’s America: Consumer Prices Jump 6.8%, Marking Worst Inflation in 40 Years
The figure is the fastest 12-month pace since 1982
Inflation in the United States has soared to a 40 year high, solidifying the hallmark of Joe Biden's presidency.
The consumer-price index rose in November by 6.8 percent from 2020, according to the Labor Department.
The figure is the fastest 12-month pace since 1982, and the sixth month of inflation above 5 percent.
The core price index, which excludes food and energy categories, rose by 4.9 percent in November, a faster pace of price hikes than October’s 4.6 percent.
The CPI increased a seasonally adjusted 0.8 percent in November from the month prior.
Last month, a record number of Americans said Christmas would not be about buying gifts this year due to supply chain disruptions and inflation concerns.
Neon Nettle reported:
According to a new survey, around 11% of Americans said they don't expect to spend any money on presents during the festive season, a holiday retail survey by Deloitte revealed.
The number of Americans skipping gifts is the highest since Deloitte started its survey in the 1980s and more than double the share of shoppers in 2020.
Almost two-thirds earned less than $50,000 per year out of those not buying gifts.
The White Hosue is also trying to downplay inflation concerns.
As Bloomberg reported:
White House economic adviser Brian Deese said November’s inflation report wouldn’t account for recent declines in the cost of energy and commodities, an effort by the Biden administration to downplay data that is sure to show a surge in consumer prices.
Deese said that the Consumer Price Index report to be released Friday is “backward-looking” and won’t capture “recent price movements” in gasoline and natural gas prices, as well as declines in shipping costs and commodities.
“These declines are delivering most importantly some benefit to consumers on a go-forward basis that won’t be reflected in that data,” Deese told reporters at the White House on Thursday.
Earlier this month, Rep. Cindy Axne, a vulnerable congressional Democrat from Iowa, reversed course on inflation by calling for Nancy Pelosi to pass legislation addressing the ongoing supply chain problem.
The group wrote a letter calling for the Democra leaders to address the supply chain crisis and inflation by passing legislation.
The vulnerable lawmakers wrote that they are “concerned about the ongoing disruptions to our nation’s supply chain, which are causing delays and increasing inflation for our constituents.”