Bidenflation: CPI Surges Once More
Worrying Inflation Numbers Raise Concerns
Despite claims that worries about inflation are unfounded, the latest report from the Federal Bureau of Labor Statistics (BLS) reveals a different story. The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6% in August, marking a 3.7% increase over the past year. With two consecutive months of price growth, concerns are mounting that inflation may be more challenging to control than previously thought.
Food Prices Soar Under Biden Presidency
As a clear indication of the negative impact of the Biden presidency on consumers, food prices have skyrocketed. Between July 2022 and July 2023, food prices rose by a staggering 4.9%. In August 2022 alone, food inflation reached an alarming 11.4% compared to the previous year, the highest monthly increase since May 1979. During the Trump presidency, food prices remained relatively stable, with the exception of a temporary spike due to the COVID-19 pandemic.
However, under Joe Biden’s leadership, food prices have tripled since he took office until August 2022.
Inflation Rates and Presidential Terms
The year-over-year change of the CPI is commonly used to gauge inflation rates. When Joe Biden assumed office in January 2021, the CPI index level stood at 262.65. During Barack Obama’s last year in office, the CPI-U rose by 2.5%, the largest increase since 2012. Throughout Donald Trump’s presidency, the CPI-U experienced moderate increases ranging from 1.4% to 2.5%. The CPI measures the price changes of goods and services paid by consumers, with the CPI-U representing approximately 93% of the total U.S. population.
The recent climb in inflation follows a 0.2% increase in July. Gasoline prices were the primary driver of the August CPI increase, while food prices also saw a modest rise. The index for food at home increased by 0.2% in August, while the index for food away from home rose by 0.3%. Over the past year, the food index has increased by 4.3%.
To calculate the CPI, the BLS collects prices from 75 urban areas across the country, including taxes associated with the purchase and use of items. These price changes are then aggregated, combining locally collected data to determine a U.S. city average.
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