President Joe Biden's claims that inflation is "coming down" proved again to be at best wishful thinking and at worst a willful lie designed to deceive the American people on Wednesday morning when the August print of the Consumer Price Index (CPI) showed inflation surging higher again.
The top line: consumer prices increased 0.6 percent in August — three times the increase reported in the previous month — for an 12-month increase of 3.7 percent, a notable increase from the annual rate in July of 3.2 percent.
CPI for all items rises 0.6% in August; gasoline and shelter up https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) September 13, 2023
In another blow to President Biden's rhetoric, the gasoline index was the largest contributor to August's spike in inflation with a 10.6 percent month-over-month leap while the costs for shelter increased for the 40th consecutive month.
Core CPI — which excludes the volatile food and energy indexes — also showed movement in the wrong direction as it rose 0.3 percent (compared to last month's 0.2 percent increase) for an annual rate of 4.3 percent.
All this data, as shown in this helpful chart shared by Dagen McDowell, should officially put to bed Biden administration claims that inflation is waning as a concern for Americans or a weight on their minds.
🚨INFLATION ACCELERATES IN AUGUST 🚨 HEATING UP 🔥NOT COOLING DOWN. The consumer price index rose 0.6% month/month, 3 TIMES the pace in July. Fuel prices rising! THE ANNUAL RATE OF INFLATION JUMPED TO 3.7% from 3.2%. Let’s say it all together: BIDENOMICS. pic.twitter.com/BT0uxkmePk
— Dagen McDowell (@dagenmcdowell) September 13, 2023
Clearly, inflation is not done being an issue for Americans' budgets or Biden's attempts to convince Americans he deserves another four years in the White House.
Over the past 12 months, the cost of food at home rose 4.3 percent and food away from home rose 6.5 percent while food at employee sites and schools surged 57.6 percent. The cost of tools, hardware, and supplies rose 5.5 percent, housekeeping supplies increased 5.0 percent, and outdoor equipment rose 8.9 percent. Motor vehicle repair costs increased 17.0 percent.
Apparel is 3.1 percent more expensive than it was one year ago, new vehicle prices rose 2.9 percent, and non-prescription drugs increased 7.5 percent. Pet food increased 8.7 percent, vet services increased 8.4 percent, musical instrument costs rose 8.4 percent, and the price of hair, dental, shaving, and other personal care products increased 7.3 percent since last August.
Americans are paying 7.3 percent more for shelter now than they were one year ago while water, sewer, and trash collection services increased 5.8 percent. Dental services increased 5.3 percent and eye care costs rose 3.4 percent. Compared to last year, motor vehicle insurance is now 19.1 percent more expensive.
The cost of cable, satellite, and streaming services rose 6.3 percent in the last 12 months and sporting event admission increased 7.2 percent.
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to today's August Consumer Price Index, which rose by 3.7% over the last year, Core CPI, which rose by 4.3%:
"Inflation accelerated significantly again last month, demonstrating the crisis of runaway prices is still ongoing," noted Job Creators Network President and CEO Alfredo Ortiz. "This accelerating inflation, which is nearly twice the Federal Reserve's target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years."
Clearly, inflation is not down and it continues to rise as a result of the Biden administration's inflationary spending and attempts to further decimate American energy. Rising prices are hitting all areas of the economy making its pressure inescapable for Americans. Do we all feel built back better yet?