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Consumer Price Index Sees Highest Increases Since 2008, 1982

What says the Biden administration? It’s standard go-to practice of ‘deny, deny, deny.’

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CPI

As if the past year wasn’t bad enough, consumer prices have seen the largest yearly jump since 2008. The Consumer Price Index (CPI) “which tracks the cost of a variety of consumer goods as well as housing and energy prices, has risen 4.2 percent from a year ago” reports National Review.

Not only did it rise significantly, but even more depressing, it is considerably higher than the estimated 3.6 percent. Therefore, “it is the largest yearly increase since September 2008.” We all remember what happened in 2008.

There’s yet another level of disappointment. National Review writes, “even controlling for food and energy prices, the CPI was up three percent, higher than the estimated 2.3 percent.” Additionally, “the 0.9 percent CPI increase from March, again controlling for food and energy prices, is the highest since April 1982.”

Not depressed yet? Wait, there’s more. “This data comports with Americans’ everyday experiences” such as, for example, “on Tuesday, the average price of a gallon of gas rose to $2.99, the highest figure since November 2014.”

What says the Biden administration? It’s standard go-to practice of ‘deny, deny, deny.’ The Biden administration contends the risk of inflation is nearly nonexistent. In an interview with NBC’s Meet the Press May 2nd, Treasury Secretary Janet Yellen said firmly, “I don’t believe that inflation will be an issue.”

Just a few days later Yellen defended her claims and added in a White House briefing “I really doubt that we’re going to see an inflationary cycle.” White House Press Secretary Jen Psaki gave one of her standard unhelpful empty comments saying the White House takes “the possibility of inflation quite seriously.” Prove it.

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3 Comments

3 Comments

  1. WillyB

    May 13, 2021 at 9:41 am

    This should not be news to anyone. Economics 101. $6 Trillion in new money added to the economy with nothing in return–no goods or services provided. All that does is put more money chasing the same goods. There is no was that won’t cause inflation. Meanwhile, the Fed keeps interest artificially low, in order to keep the stock market up–essentially the stock market is also experiencing inflation.

    Now the Fed is stuck. Interest rates at rock bottom. Raise rates to fight inflation and the market suffers. Remember the 1970’s. Ten years and the CPI was up 100% and the DJIA up 3.5%. It’s coming, and the Democrats knew it would happen…it was Democrat spending in the 1960’s that caused the inflation of the 1970’s!

  2. Frank

    May 13, 2021 at 10:24 am

    It’s unbelievable that our geriatric president can’t understand economics 101. An embarrassment to the world.

    • Barry

      May 14, 2021 at 12:41 am

      Just get the keystone going again. There are MANY businesses and jobs related to the pipeline. That would be a start.

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