Written by on February 18, 2023


Shared By Peter Boykin – American Political Commentator / Citizen Journalist



TLDR: The Labor Department released its monthly inflation report, and while the rate crept down a tick, it’s still historically high and not slowing down nearly as fast as it needs to.

The big number is 6.4%. That’s the rate the consumer price index [which measures inflation] rose in January compared to one year ago. It’s 0.2% higher than the 6.2% economists were predicting.

It’s down only 0.1% from the previous month.

This is the 19th straight month with inflation over 5%.
If it feels like inflation is hitting you harder than 6.4%, you’re right. The things that regular Americans like us spend our money on are much higher:

πŸ’‘ Electricity: +11.9%
πŸ’¨ Home gas: +26.7%
🏬 Rent: +8.6%
πŸ›» Car maintenance/repair: +14.6%
πŸ›’ Food at home [groceries]: +11.3%

Taking a deeper dive into groceries, these are a few of the items that spiked IN Jan 2023:

πŸ₯š Eggs: +70.1%
πŸ— Chicken: +10.5%
πŸ₯› Milk: +11%
πŸ₯¦ Fresh vegetables: +7.4%
🧈 Butter: +26.3%

How are Americans paying for these price increases?

Eating into savings and credit cards:

The savings rate plummeted to 2.3% in 2022. For perspective, the all-time record low is 2.1%.
Credit card debt hit $930 million this month, an all-time high.

Here’s the quagmire…

The Federal Reserve’s strategy to bring down inflation has been to raise interest rates. At the start of 2022, they were below 1%. Today they’re almost 5%.

That means the cost of leasing a car, getting a home mortgage, and using a credit card have all gone up.

The Fed thinks that if the cost of goods is more expensive, the demand for those goods will go down. And if the demand for those goods goes down, inflation should go down.

…but clearly, it’s not working.

Question: Whatever happened to the Inflation Reduction Act? Democrats and Joe Biden spent nearly $1 trillion of your dollars and promised you it would lower inflation. That was 6 months ago.

[Source: BLS, CNBC, Trading Economics, Statista, CNBC, The Conversation],to%20the%20highest%20since%202007.

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