INFLATION BURNS HOTTER THAN EXPECTED

INFLATION BURNS HOTTER THAN EXPECTED

Written by Peter Boykin on October 19, 2022

INFLATION BURNS HOTTER THAN EXPECTED

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

INFLATION BURNS HOTTER THAN EXPECTED

This is Joe Biden with ice cream gumming up his dentures, telling the American people that “the economy is strong as hell.”

Maybe he had a brain freeze. Because the last time I checked…

🆘 Inflation was at 8.2% last month
⛽️ Gas prices are up 18.2%
🥪 Food prices are up 13%
💸 American’s wages went down 3% last month
💸 Wages have gone down for the past 18 months
📉 The S&P500 is down 25.3% on the year
📉 The Dow Jones is down 15.95% on the year

…by every measurable metric, the economy is not “strong as hell”

Inflation was up 8.2% in September 2022 compared to the same time last year, driven mostly by higher costs of food, energy, and rent – bad news for Democrats trying to focus voters’ attention away from economic issues with the midterm elections.

This is the 17th straight month with inflation reaching at least 5% or above and the 7th consecutive month above 8%.

Back up: Over a year ago, in July 2021, Joe Biden emphatically claimed:

“There’s nobody suggesting there’s unchecked inflation on the way — no serious economist.”

Under the hood of this month’s Consumer Price Index report, things look even uglier – specifically with Core Inflation which, unlike the headline number, removes food and energy prices from the equation.
Core inflation rose 6.6%. This is the biggest spike in 40 years.

Worker wages took a hit, declining by 3% in September when adjusted for inflation. This is the 18th consecutive month under Joe Biden that worker’s wages have gone down.

Let’s break this down by category.

The following are increases compared to the same time last year:

🍝 Food at home: +13%
🥡 Dining out: +8.5%
⛽️ Gasoline: +18.2%
🔋 Electricity: 15.5%
💨 Utility gas (home heating): 33.1%
🏢 Rent: +7.2%
🚗 New cars: +9.4%
🛻 Used cars: +7.2%
👗 Clothing: +5.5%
✈️ Airline fares: +42.9%
🥓 Bacon: +7.9%
🌾 Flour: +24.2%
🍗 Chicken +17.2%
🍳 Eggs: +30.5%
🥛 Milk: +15.2%

Politically this is very bad for Democrats heading into next month’s midterm elections. A recent Gallup poll found that voters rank economic issues (38%) as the top problem facing the country today. “Poor leadership” ranks second (22%) followed by immigration (6%).

Big picture: This report is especially bad because it comes in spite of the Federal Reserve taking aggressive action to try and bring inflation down by raising interest rates. This means they’ll likely raise the rates even high next month, which makes things like home mortgages, car loans, and credit card interest go higher.

[Source: CNBC, BLS]

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