Consumer Price Index Sees Highest Increases Since 2008, 1982

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.