Staff Reports
President Biden’s claims that inflation is decreasing have been proven false once again with the release of the August Consumer Price Index (CPI). The CPI showed that consumer prices increased 0.6 percent in August, which is three times the increase from the previous month. This brings the 12-month increase to 3.7 percent, a significant jump from July’s rate of 3.2 percent. The gasoline index was the main contributor to this surge in inflation, with a 10.6 percent month-over-month leap. Additionally, the costs for shelter have increased for the 40th consecutive month. These numbers clearly debunk the Biden administration’s narrative that inflation is no longer a concern for Americans.
The Core CPI, which excludes volatile food and energy prices, also showed a worrisome trend as it rose 0.3 percent compared to last month’s 0.2 percent increase. This brings the annual rate to 4.3 percent. This data should put to rest any notion that inflation is not a significant issue for Americans or a burden on their minds. It is clear that inflation is still a problem for American households and for President Biden’s credibility.
Over the past year, the cost of essential items has risen across the board. Food at home has increased by 4.3 percent, food away from home by 6.5 percent, and food at employee sites and schools by a staggering 57.6 percent. Other everyday items such as tools, hardware, and supplies have seen a 5.5 percent increase, while housekeeping supplies and outdoor equipment have risen by 5.0 percent and 8.9 percent, respectively. The cost of motor vehicle repairs has skyrocketed by 17.0 percent. These price increases are hitting Americans’ budgets hard and will only worsen if inflation continues to rise.
CPI for all items rises 0.6% in August; gasoline and shelter up https://t.co/dJyJeKlXDJ #CPI #BLSdata
— BLS-Labor Statistics (@BLS_gov) September 13, 2023
The Job Creators Network released a statement in response to the August CPI, emphasizing that inflation is still a crisis that ordinary Americans and small businesses are dealing with. The statement noted that inflation is nearly twice the Federal Reserve’s target rate and is lowering real wages and living standards. This is a direct result of the Biden administration’s inflationary spending and their attacks on American energy. Rising prices are affecting all sectors of the economy, making it impossible for Americans to escape the pressure.
The Biden administration’s claims that they are “building back better” are falling flat as inflation continues to rise and ordinary Americans bear the brunt of the consequences. It is clear that Bidenomics is not working and is only causing greater economic hardship for American households and businesses. Americans deserve better than empty promises and failed policies.
