{"id":1119680,"date":"2021-12-14T22:29:19","date_gmt":"2021-12-15T03:29:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1119680"},"modified":"2021-12-14T22:29:21","modified_gmt":"2021-12-15T03:29:21","slug":"gas-up-58-meat-up-13-inside-the-newest-record-breaking-inflation-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-up-58-meat-up-13-inside-the-newest-record-breaking-inflation-report\/","title":{"rendered":"Gas Up 58%, Meat Up 13%: Inside The Newest Record-Breaking Inflation Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgas-up-58-meat-up-13-inside-the-newest-record-breaking-inflation-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1119680&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>On Friday, the Bureau of Labor Statistics <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-6-8-higher-than-expected-fastest-rate-in-nearly-40-years\">revealed<\/a> that consumer price inflation in the United States has reached a rate of 6.8% \u2014 the largest year-over-year increase since June 1982, as well as the sixth straight month in which inflation remained above 5%.<\/p>\n<p>Inflation is the erosion of a currency\u2019s purchasing power over time. More dollars chasing fewer goods implies a diminished value for each dollar \u2014 resulting in pinched budgets for Americans who do not experience wage increases to match the rising price levels.<\/p>\n<p>As summarized by <a href=\"https:\/\/www.cnbc.com\/2021\/12\/10\/inflation-surged-to-its-fastest-pace-since-1982-last-month.html\">CNBC<\/a>, the following are some of the largest consumer price jumps between November 2020 and November 2021:<\/p>\n<p>Gas \u2014 58.1%Used vehicles \u2014 31.4%Hotels \u2014 25.5%Meat, poultry, and fish \u2014 13.1%Furniture and bedding \u2014 11.8%New vehicles \u2014 11.1%Domestic services \u2014 10.2%Jewelry \u2014 6.7%Electricity \u2014 6.5%Food \u2014 6.1%Apparel \u2014 5%Milk \u2014 4.6%Fruits and vegetables \u2014 4%<\/p>\n<p>According to a recent <a href=\"https:\/\/news.gallup.com\/poll\/357731\/inflation-causing-hardship-households.aspx\">Gallup<\/a> poll, American families \u2014 especially less advantaged ones \u2014 are feeling pressure from the rising prices:<\/p>\n<p>45% of American households report that recent price increases are causing their family some degree of financial hardship. Ten percent describe it as severe hardship affecting their standard of living, while another 35% say the hardship is moderate\u2026<\/p>\n<p>Lower-income households are most likely to have experienced financial hardship due to price increases. Seventy-one percent of those living in households making less than $40,000 a year say that recent price hikes have caused their family financial hardship. That compares with 47% of those in middle-income households and 29% in upper-income households.<\/p>\n<p>The effect of inflation is more <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-inflation-hurts-americans-pocketbooks\">pronounced<\/a> upon poorer households because they tend to have more of their wealth saved in the form of dollars \u2014 whether in cash, checking accounts, or savings accounts \u2014 than wealthier families, which are more likely to hold retirement accounts, property, or other assets that accrue interest or increase in value over time.&nbsp;<\/p>\n<p>Indeed, low-income earners typically spend a greater percentage of their wages on food, fuel, and other basic necessities \u2014 the same items that are becoming less affordable due to inflation.<\/p>\n<p>American economic officials have grown <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory\">accustomed<\/a> to the reality of persistently high prices.<\/p>\n<p>\u201cI am ready to retire the word transitory,\u201d Treasury Secretary Janet Yellen said at a recent event sponsored by Reuters. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d<\/p>\n<p>\u201cWhat we don\u2019t want to have develop is a wage-price spiral, in which inflation becomes its own self-reinforcing kind of phenomenon that would become chronic in the U.S. economy \u2014 something endemic,\u201d Yellen added while endorsing the Federal Reserve\u2019s decision to begin tapering its aggressive monetary stimulus.<\/p>\n<p>Federal Reserve Chair Jerome Powell told members of the Senate Banking Committee that policymakers should scrap the term \u201ctransitory.\u201d<\/p>\n<p>\u201cI think the word transitory has different meanings to different people,\u201d Powell explained. \u201cTo many, it carries a time, a sense of short-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, the Bureau of Labor Statistics revealed that consumer price inflation in the United States has reached a rate of 6.8% \u2014 the largest year-over-year increase since June 1982, as well as the sixth straight month in which inflation remained above 5%.Inflation is the erosion of a currency\u2019s purchasing power over time. More dollars chasing fewer goods implies a diminished value for each dollar \u2014 resulting in pinched budgets for Americans who do not experience wage increases to match the rising price levels.As summarized by CNBC, the following are some of the largest consumer price jumps between November 2020 and November 2021:Gas \u2014 58.1%Used vehicles \u2014 31.4%Hotels \u2014 25.5%Meat, poultry, and fish \u2014 13.1%Furniture and bedding \u2014 11.8%New vehicles \u2014 11.1%Domestic services \u2014 10.2%Jewelry \u2014 6.7%Electricity \u2014 6.5%Food \u2014 6.1%Apparel \u2014 5%Milk \u2014 4.6%Fruits and vegetables \u2014 4%According to a recent Gallup poll, American families \u2014 especially less advantaged ones \u2014 are feeling pressure from the rising prices:45% of American households report that recent price increases are causing their family some degree of financial hardship. Ten percent describe it as severe hardship affecting their standard of living, while another 35% say the hardship is moderate\u2026Lower-income households are most likely to have experienced financial hardship due to price increases. Seventy-one percent of those living in households making less than $40,000 a year say that recent price hikes have caused their family financial hardship. That compares with 47% of those in middle-income households and 29% in upper-income households.The effect of inflation is more pronounced upon poorer households because they tend to have more of their wealth saved in the form of dollars \u2014 whether in cash, checking accounts, or savings accounts \u2014 than wealthier families, which are more likely to hold retirement accounts, property, or other assets that accrue interest or increase in value over time.\u00a0Indeed, low-income earners typically spend a greater percentage of their wages on food, fuel, and other basic necessities \u2014 the same items that are becoming less affordable due to inflation.American economic officials have grown accustomed to the reality of persistently high prices.\u201cI am ready to retire the word transitory,\u201d Treasury Secretary Janet Yellen said at a recent event sponsored by Reuters. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d\u201cWhat we don\u2019t want to have develop is a wage-price spiral, in which inflation becomes its own self-reinforcing kind of phenomenon that would become chronic in the U.S. economy \u2014 something endemic,\u201d Yellen added while endorsing the Federal Reserve\u2019s decision to begin tapering its aggressive monetary stimulus.Federal Reserve Chair Jerome Powell told members of the Senate Banking Committee that policymakers should scrap the term \u201ctransitory.\u201d\u201cI think the word transitory has different meanings to different people,\u201d Powell explained. \u201cTo many, it carries a time, a sense of short-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1119680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1119680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1119680"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1119680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1119680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1119680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1119680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}