Biden really managed to do what was unthinkable. He managed to drive inflation so high the consumer prices spike is now America’s worst in exactly 40 years.
Highest Inflation Level in Decades
According to the Labor Department figures, inflation in the United States went up by 7.5% year in January year-on-year; this was the steepest increase of the consumer price index since February 1982 when it stood at 7.6%.
Last month, Biden-flation went up by 0.6%, with both figures being worse than economists’ forecasts, which predicted a 7.3% increase on an annual basis and a 0.5% increase month-on-month.
The Labor Department data shows in January, core price inflation grew by 6% year-on-year, a marked increase compared with December when the annual spike was 5.5%. Thus, on Biden’s watch, January 2022 saw the highest spike in core prices since August 1982.
According to an estimate by The Wall Street Journal, as the new inflation figures became available, the average American household had to spend an additional $250 per month.
BREAKING: Inflation just came in at 7.5%.
— Pomp 🌪 (@APompliano) February 10, 2022
If they're admitting inflation is up 7.5% imagine how bad the real number is
— Truckistan Amb. Poso 🏁 (@JackPosobiec) February 10, 2022
JUST IN – U.S. inflation jumps to 7.5% year over year in January, a 40 year high and more than expected.
— Disclose.tv (@disclosetv) February 10, 2022
Consumer Prices Spiking All Across the Board
Consumer segments with the highest increases in January were energy costs; they spiked by a whopping 27% year-on-year. Among those, the price of piped natural gas grew by almost 25%, while electricity became more expensive by 10.7 year-on-year.
The prices of used cars and trucks worsened even more than energy costs, with an annual increase of a mind-blowing 40.5%.
Food prices also shot up substantially last month, compared with January 2021 when Sleepy Joe occupied the White House, with an average increase of 7.4%. The price spike for meat, poultry, fish, and eggs was even steeper at 12.2%.
At the same time, shelter costs in January increase by 0.3% month-on-month, and by 4% year-over-year.
Meanwhile, any wage gains being made are actually getting eaten away by the accelerating inflation, leaving Americans’ personal and household finances worse off than the month before.
According to the Labor Department, American workers saw their real average hourly earnings grow by only 0.1% in January on a monthly basis since the 0.6% month-on-month inflation growth killed most of the 0.7% total wage gain.
At the same time, on an annual basis, Americans’ real earnings dropped by 1.7% last month – so the wage growth so far isn’t enough to offset the new burden of the notably higher inflation.
There doesn’t seem to be a near end in sight for the skyrocketing inflation that has been the making of the Biden administration thanks to its lavish disbursement of borrowed money as COVID-19 pandemic relief and unemployment benefits, coupled with a labor shortage and a previously unseen supply chain crisis.
Thanks to the lavish borrowing by Sleepy Joe on behalf of the federal government, the nation’s debt has just surpassed the stupefying figure of $30 trillion, while in 2021, Biden’s first year in office, America’s trade deficit in goods for the first time ever went beyond $1 trillion.
That latter is just as disturbing as the former since Biden’s COVID Commie-style stimulus checks funded with money borrowed on behalf of the American taxpayer are actually going for the purchase of imported goods and are thus enriching other countries, most notably, of course, America’s largest geopolitical rival, China.
Real hourly earnings -1.7%, 10th month in a row US incomes aren't keeping up with inflation
MMT takes another victory lap pic.twitter.com/lgFkPWtrEO
— zerohedge (@zerohedge) February 10, 2022
Real inflation pic.twitter.com/uBIp7Z3DLN
— Wall Street Silver (@WallStreetSilv) February 7, 2022