{"id":1213398,"date":"2022-01-13T08:04:27","date_gmt":"2022-01-13T13:04:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1213398"},"modified":"2022-01-13T08:04:31","modified_gmt":"2022-01-13T13:04:31","slug":"here-are-the-products-that-will-empty-your-wallet-as-inflation-soars","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-products-that-will-empty-your-wallet-as-inflation-soars\/","title":{"rendered":"Here Are The Products That Will Empty Your Wallet As Inflation Soars"},"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%2Fhere-are-the-products-that-will-empty-your-wallet-as-inflation-soars%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=1213398&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 Wednesday, the Bureau of Labor Statistics reported that consumer prices are <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-rises-7-in-december-over-previous-year-fastest-rise-in-almost-40-years\">rising<\/a> at a 7% clip as of December 2021 \u2014 the highest rate in roughly 40 years.&nbsp;<\/p>\n<p>As <a href=\"https:\/\/www.cnbc.com\/2022\/01\/12\/consumer-prices-continued-to-rise-in-december-reaching-a-40-year-high.html\">CNBC<\/a> summarized, prices for several key items rose significantly between December 2020 and December 2021:<\/p>\n<p>Gas \u2014 49.6%Used vehicles \u2014 37.3%Hotels \u2014 27.6%Furniture and bedding \u2014 13.8%Meat, poultry, and fish \u2014 12.6%New vehicles \u2014 11.8%Eggs \u2014 11.1%Domestic services \u2014 9.4%Stationery \u2014 9%Jewelry \u2014 8.8%Major appliances \u2014 8.4%Margarine \u2014 6.7%Electricity \u2014 6.3%Apparel \u2014 5.8%<\/p>\n<p>According to more data from the Bureau of Labor Statistics, \u201creal average hourly earnings\u201d \u2014 which consider the effect of inflation \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/in-2021-inflation-gave-the-typical-american-a-2-4-pay-cut\">decreased<\/a> by 2.4% last year. For an American earning $50,000 per year, inflation is therefore causing a $1,200 pay cut.<\/p>\n<p>\u201cIn what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,\u201d Bankrate chief financial analyst Greg McBride commented to <a href=\"https:\/\/www.cnbc.com\/2022\/01\/12\/higher-pay-eclipses-inflation-bite-for-some-.html\">CNBC<\/a>. \u201cTheir expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.\u201d<\/p>\n<p>Despite skyrocketing prices, the Biden administration <a href=\"https:\/\/www.dailywire.com\/news\/white-house-claims-it-is-making-progress-on-inflation-as-consumer-prices-rise\">claims<\/a> that it is \u201cmaking progress\u201d on rising inflation.<\/p>\n<p>\u201cToday\u2019s report \u2014 which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling \u2014 demonstrates that we are making progress in slowing the rate of price increases,\u201d President Joe Biden said in a statement released on Wednesday. \u201cAt the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets.\u201d<\/p>\n<p>\u201cInflation is a global challenge, appearing in virtually every developed nation as it emerges from the pandemic economic slump,\u201d Biden added. \u201cAmerica is fortunate that we have one of the fastest growing economies \u2014 thanks in part to the American Rescue Plan \u2014 which enables us to address price increases and maintain strong, sustainable economic growth. That is my goal and I am focused on reaching it every day.\u201d<\/p>\n<p>Americans, however, are not buying Biden\u2019s argument. According to a Fox Business survey from December, 47% of Americans <a href=\"https:\/\/www.dailywire.com\/news\/voters-have-low-expectations-for-bidens-economic-management-pollster\">believe<\/a> that President Joe Biden\u2019s policies are \u201churting\u201d the economy, while only 22% believe they are \u201chelping.\u201d Likewise, 46% believe that Biden\u2019s social spending agenda would \u201cpush inflation higher,\u201d while 21% believe it would \u201chelp lower inflation.\u201d<\/p>\n<p>Other economic bottlenecks continue to plague the United States. For instance, groceries are experiencing a higher level of <a href=\"https:\/\/www.dailywire.com\/news\/grocery-stores-continue-to-experience-low-supply-of-goods\">difficulty<\/a> in keeping shelves stocked. According to Consumer Brands Association President and CEO Geoff Freeman, grocery stores currently have an unavailability rate around 15% \u2014 far higher than the typical 5% to 10% level.<\/p>\n<p>The National Grocers Association also reported that grocery stores are grappling with labor shortages, noting that many of its members are operating with fewer than 50% of their typical workforce.&nbsp;<\/p>\n<p>\u201cWhile there is plenty of food in the supply chain, we anticipate consumers will continue to experience sporadic disruptions in certain product categories as we have seen over the past year and half due to the continued supply and labor challenges,\u201d said Greg Ferrara, the organization\u2019s president and CEO.<\/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>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the Bureau of Labor Statistics reported that consumer prices are rising at a 7% clip as of December 2021 \u2014 the highest rate in roughly 40 years.\u00a0 As CNBC summarized, prices for several key items rose significantly between December 2020 and December 2021: Gas \u2014 49.6% Used vehicles \u2014 37.3% Hotels \u2014 27.6% &#8230;<\/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-1213398","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\/1213398","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=1213398"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1213398\/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=1213398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1213398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1213398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}