Biden’s Economy: Inflation Rises Again, Up 6% Annually
The American Lookout Headlines homepage has 60 new headlines every 24 hours - click here to see it.
This is Biden’s America.
Inflation rose again in February by .04%. Annually it rose by 6%.
Inflation rose in February but was in line with expectations, likely keeping the Federal Reserve on track for another interest rate hike next week despite recent banking industry turmoil.
The consumer price index increased 0.4% for the month, putting the annual inflation rate at 6%, the Labor Department reported Tuesday. Both readings were exactly in line with Dow Jones estimates.
Excluding volatile food and energy prices, core CPI increased 0.5% in February and 5.5% on a 12-month basis. The monthly reading was slightly ahead of the 0.4% estimate, but the annual level was in line.
…
A decrease in energy costs helped keep the headline CPI reading in check. The sector fell 0.6% for the month, bringing the year-over-year increase down to 5.2%. A 7.9% decline in fuel oil prices was the biggest mover for energy.
Food prices rose 0.4% and 9.5% respectively. Meat, poultry, fish and egg prices decreased 0.1% for the month, the first time that index has retreated since December 2021. Eggs in particular tumbled 6.7%, though they were still up 55.4% from a year ago.
Real wage growth also dropped again.
Finally, this is the 23rd straight month where Americans cost of living has outpaced their wage growth with real average hourly earnings down 1.3% YoY…
Complete disaster!
