Biden is thoroughly wrecking our economy as inflation surges 8.5 percent in March, hitting a 40-year high and growing at the fastest rate in decades.
According to the Labor Department, the consumer price index rose at the fastest pace since 1981.
Per Fox News:
The Labor Department said Tuesday that the consumer price index – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.
Economists expected the index to show that prices surged 8.4% in March from the previous year and 1.2% on a monthly basis.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6.5% in March from the previous year – up from the 6.4% increase recorded in February. It was the steepest 12-month increase since August 1982.
Price increases were widespread: Energy prices rose a stunning 11% in March from the previous month, and are up 32% from last year. Gasoline, on average, costs 48% more than it did last year after rising 18.3% in March on a monthly basis as the Russian war in Ukraine fueled a rapid increase in oil prices
Some of the price hikes are extreme:
- Bread up 7%
- Electricity up 11%
- Coffee up 11.2%
- Eggs up 11.3%
- Milk up 13.3%
- Meat, poultry, fish up 13.8%
- Car rentals up 23.4%
- Airfare up 23.6%
- Used cars, up 35.3%
- Gas is up 48%
Biden has essentially leveled a tax on the most vulnerable Americans. We went form the best economy in decades ti a new president who destroyed it all in less than a year.
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