‘Core Inflation’ at Two-Year Low: Why You Don’t Notice Any Change
The Job Market Shows Positive Gains, but Americans Still Struggle
The latest reports reveal encouraging news for the job market and “core inflation” – overall inflation excluding the volatile prices of food and energy – is at a two-year low. However, despite these positive indicators, Americans are not experiencing any real relief.
In a statement, the White House stated, “Annual inflation has significantly decreased since last summer, and inflation outside of food and energy is at its lowest level in any three-month period since September 2021.”
President Joe Biden and his team have been touting the success of their economic policies, known as “Bidenomics,” at every opportunity. However, polling data suggests that the American people do not believe Biden has been beneficial for the economy.
A recent CNN poll shows that only 41% of Americans approve of Biden’s overall performance, with just 37% approving of his handling of the economy specifically.
According to a new CNN poll, only 37% of Americans approve of Biden’s record on the economy!pic.twitter.com/4qFaI9dsEQ
— GOP (@GOP) August 6, 2023
The reason, as explained in a new report published by POLITICO, is the disparity between core inflation and overall inflation. Overall inflation, which includes food and energy costs, is slightly up at 3.2% in July.
This means that despite Biden’s claims of a successful economy, Americans are still facing higher prices for essential items like food and energy, which are not factored into core inflation calculations.
As a result, Americans are paying approximately 17% more at grocery stores and restaurants since February 2020. Additionally, although gas prices have decreased from record highs, people are still paying significantly more at the pump compared to before Biden took office.
CLICK HERE TO GET THE DAILY WIRE APP
“Most of what people spend their money on continues to go up in price, perhaps explaining why consumers aren’t as optimistic as economists about the recent disinflationary data,” noted Omair Sharif of Inflation Insights in a research note prior to the release of the latest report.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
