On Thursday, the U.S. Bureau of Labor Statistics released its latest consumer price index (CPI) report reflecting the persistent problem of rising prices during the entirety of the Biden administration. The report indicated a 0.3% increase in the CPI for December, following a 0.1% rise in November. Over the last year, the all-items index surged by 3.4%, depicting an economy still grappling with inflationary pressures.
The report further detailed that the core CPI, excluding volatile food and energy prices, climbed by 0.3% compared to November. Annually, this core CPI increased by 3.9%, signaling a relentless uptick in costs directly affecting the average American consumer. These numbers, albeit a slight improvement from the 40-year-high of 6.6% core CPI inflation rate in September 2022, still resonate with the challenges facing households nationwide.
They are trolling us now.
Inflation has been at least 17% under Biden if you count their CPI numbers, which are notorious for underreporting actual inflation. The numbers are above 20% if you go all the way back to pre-pandemic levels.
But the legacy media won't call them out… https://t.co/rPhTh2uDmd
— Wall Street Silver (@WallStreetSilv) January 12, 2024
Republican leaders responded quickly, attributing these economic hardships directly to President Joe Biden’s policies. Rep. Jason Smith (R-MO) stated, “President Biden’s inflation crisis continues to rob the wallets of working families.” He highlighted the financial strain on parents, pointing out the increased costs of basic necessities since Democrats took over Washington and initiated massive spending programs.
Sen. Marsha Blackburn (R-TN) echoed this sentiment on X, formerly known as Twitter, stating, “Once again, inflation is on the rise under Joe Biden. Bidenomics = Americans paying more for goods.” This critique aligns with the conservative viewpoint that links current economic challenges to the incumbent administration’s fiscal policies.
We saw a PPI and CPI spike in January 2020 too 🤫 https://t.co/h2LpXP0RlA pic.twitter.com/ZSL1iQ8OaS
— Financelot (@FinanceLancelot) January 12, 2024
Sen. Rick Scott (R-FL) brought attention to the staggering national debt, which has exceeded $34 trillion. He asserted that the debt crisis, fueled by the Biden administration’s “reckless tax-and-spend agenda,” directly impacts inflation, limiting the federal government’s ability to provide services efficiently and adding a financial burden on American families.
The CPI report also indicated a rise in shelter costs, significantly contributing to December’s inflation. Rent costs increased by 0.4% monthly, marking a 6.2% rise from the previous year. This surge in housing expenses poses a direct threat to household budgets, particularly for lower-income families.
Despite these challenges, the Federal Reserve has been actively trying to mitigate inflation through interest rate hikes. However, the persistence of inflationary pressures, as indicated by the latest CPI report, suggests that these measures may need to continue for an extended period.
