INFLATION SURGES HIGHER
Written by Peter Boykin on March 11, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
“[Inflation] is a way to take people’s wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.”
Inflation continued to spiral out of control in February. Consumer prices rose 7.9% year-over-year, which is a new 40-year-high.
For perspective: Inflation was sitting at just 1.4% when Biden took office in January 2021. But as Joe Biden’s reckless spending and anti-growth policies started to infect the economy, inflation hit 5% in May 2021 and has been on an upward trend ever since, with the three previous months looking like this:
Here’s how prices rose compared to the same time last year:
🛻 Used cars 41.2%
⛽️ Gasoline 38%
🛢 Gas utilities 23.8%
🥩 Meat/Fish/Eggs: 13%
🚗 New cars: 12.4%
🔋 Electricity: 9%
🥓 Food at home: 7.9%
🍔 Eating out: 6.8%
👔 Clothing: 6.6%
🚍 Transportation: 6.6%
🏡 Shelter: 4.7%
The worst part is [and this is just my prediction] it’s probably going to get worse next month as the record-high oil/gas costs drive up energy prices. And the month after that, you’ll start to see those high energy prices start to affect the price of food, building materials, other commodities.
Long-term: Biden’s Treasury Secretary, Janet Yellen told CNBC:
“We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high.
[Source: WSJ, Statista, Waking Up Right]
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