The latest Consumer Price Index (CPI) released on Wednesday shows that costs sent soaring by the Biden administration are still not showing signs of easing to provide relief for Americans whose real wages have been running negative for months.
The headline month-over-month number came in at 0.1 percent for March for a 12-month advance of five percent, but the core CPI number — excluding more volatile food and energy costs — continues to burn even hotter with a 0.4 percent month-over-month increase to rise 5.6 percent in the last year.
CPI for all items rises 0.1% in March as shelter increases https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) April 12, 2023
Overall, Americans have now dealt with 23 months of inflation above five percent during Biden's 26 months in office.
According to the Bureau of Labor Statistics, the index for shelter “was by far the largest contributor” to the headline CPI number in March. In the past 12 months, shelter costs have increased 8.2 percent.
President Joe Biden and his administration are sure to claim the latest inflation report is great news and proof that the “build back better” agenda is working, Americans and their wallets aren’t feeling it.
Showing how long-lasting and detrimental inflation triggered by the Biden administration has been, consider the latest 12-month price changes for common necessities:
Transportation services are up 13.9 percent, gas service costs have increased 5.5 percent, food remains 8.5 percent more expensive, and electricity costs have gone up more than 10 percent.
Another month of HIGH inflation under Biden.
— Jacki Kotkiewicz (@jackikotkiewicz) April 12, 2023
CPI: +5% y/y
Electricity: +10.2%
Natural Gas: +5.5%
Groceries: +8.4%
Poultry +7.5%
Dairy: +10.7%
Eggs: +36%
Bread: +15.2%
Baby Food: +7.6%
Shelter: +8.2%
Airline Fares: +17.7%
Real Average Hourly Wages: -0.7%
In a tragically ironic twist, as Dagen McDowell pointed out, the latest report showing that American’s electric bills continue to soar comes as President Biden unveils his new restrictive vehicle emissions standards aimed at forcing Americans to participate in his radical “transition" to end fossil fuels.
🚨Consumer inflation at 5% in March. But core prices, excluding food and energy, running hotter at 5.6% y/y. Notable that ELECTRICITY ⚡️ PRICES surging ⬆️ 10.2% in the last year. This on the day the EPA begins its tailpipe targeting to force us all to buy ELECTRIC vehicles.🚨
— Dagen McDowell (@dagenmcdowell) April 12, 2023