Joe Biden’s economy is absolutely crushing everyday Americans as U.S. consumer prices jumped another 7.5 percent, the most in nearly four decades, not to mention that prices for everyday necessities are soaring.
Per Breitbart News:
The consumer price index climbed 0.6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.
Economists had expected prices to rise 0.4 percent on a monthly basis and 7.2 percent above a year ago’s prices.
In December, consumer prices rose 0.6 percent compared with November. For the full year, prices were up seven percent in 2021, the worst annual inflation since 1982.
This isn’t all. Americans are being crushed by soaring prices.
For instance, food prices are flying higher every day
Again, per Breitbart News.
Food prices rose seven percent compared with a year ago, data from the Department of Labor showed on Thursday. Grocery store prices were up by even more, 7.4 percent. The Consumer Price Index rose by 7.5 percent.
Inflation is now not only running high but it has broadened to an economy-wide phenomenon. Home furniture prices are up 9.3 percent compared with last January and rose 1.6 percent last month. Prices for the category of “living room, kitchen, and dining room” furniture are up an eye-popping 19.9 percent compared with a year ago. They rose 2.2 percent compared with December.
Importantly, these prices are seasonally adjusted so they cannot be explained by typical the end of holiday shopping season sales.
Prices are soaring for Americans. Here are some of the worst rises in prices:
- Ground beef: up 13 percent.
- Steaks: up 17.1 percent.
- Bacon: up 18.1 percent.
- Pork Chops: up 14.5 percent.
- Chicken: up 10.3 percent.
- Fresh Fish: up 12.7 percent
- Fresh whole milk: up 8.7 percent.
- Coffee: up 8.6 percent.
- Fresh fruit: up 8.2 percent.
- Lettuce: up 6.2 percent.
- Salad Dressing: up 7.8 percent.
- Soups: up 6 percent.
- Baby food: up 7.8 percent.
- Breakfast cereal: up 5.2 percent.
- Bread: 5.9 percent.
- Biscuits and muffins: up 6.1 percent.
- Lunchmeats: up 8.2 percent.
Restaurants have also been warning of higher prices as their supply chain troubles mount and prices rise.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.HustonTags: Commentary Economy Joe Biden