The latest Consumer Price Index (CPI) data should come as no surprise to hard-working Americans who are struggling to cover their bills. The costs sent soaring by the Biden administration are still climbing higher and higher, and there is no sign of relief for those whose real wages have been plummeting for months. Even though the headline month-over-month number only increased by 0.1 percent, the core CPI number (excluding food and energy costs) actually rose by 0.4 percent, resulting in a staggering 5.6 percent increase over the last year.
Surging Costs Keep Inflation Running Hot https://t.co/IZrr0UPbra
— Townhall.com (@townhallcom) April 12, 2023
Since the beginning of his presidency, President Joe Biden has been trying to convince the American people that his “build back better” agenda would lead to a brighter future for all. However, these new inflation numbers prove otherwise. In the 26 months that he has been in office, Americans have had to deal with 23 months of inflation above five percent. These are dire times for anyone who is financially challenged or struggling to make ends meet.
— BLS-Labor Statistics (@BLS_gov) April 12, 2023
Another month of HIGH inflation under Biden.
CPI: +5% y/y
Natural Gas: +5.5%
Baby Food: +7.6%
Airline Fares: +17.7%
Real Average Hourly Wages: -0.7%
— Jacki Kotkiewicz (@jackikotkiewicz) April 12, 2023
🚨Consumer inflation at 5% in March. But core prices, excluding food and energy, running hotter at 5.6% y/y. Notable that ELECTRICITY ⚡️ PRICES surging ⬆️ 10.2% in the last year. This on the day the EPA begins its tailpipe targeting to force us all to buy ELECTRIC vehicles.🚨
— Dagen McDowell (@dagenmcdowell) April 12, 2023
The Bureau of Labor Statistics has noted that the biggest contributor to the March CPI was the index for shelter, which has increased by a massive 8.2 percent in the last 12 months. This means that people are having to pay more for their rent or mortgage, which is putting extra strain on their budgets. This is on top of the already high prices for transportation services (up 13.9 percent), food (up 8.5 percent), and electricity (up over 10 percent) that Americans have been struggling with.
As if things couldn’t get any worse, President Biden released his new restrictive vehicle emissions standards just as the news broke that American’s electric bills continue to increase. The president’s radical “transition” to end fossil fuels will only add more pressure to the wallets of hard-working Americans. It is clear that the president is more interested in pushing his political agenda than in helping the American people, and these inflation numbers are evidence of that.
In conclusion, these new inflation numbers show that President Biden’s policies are failing to help the average American. Prices continue to soar, and real wages are negative, which is making it difficult for people to make ends meet. It is time for the president to prioritize the needs of the American people, instead of pushing his radical agenda, which is only making matters worse.