Americans are paying more for nearly every consumer good. For example: Gas up 48%, milk up 13%, eggs up 11%, coffee up 11%.
Since President Joe Biden (D) took office, consumer prices and inflation have steadily increased, rising to a 40-year high in March of 2022 and costing every American more money to live.
While the White House maintains that the numbers are, in large part, a result of the war in Ukraine, there is no denying the upward trend since Biden took office and Democrats passed trillions of dollars in new spending, flooding the market. See the chart below from the Labor Department.
The latest report from the Bureau of Labor Statistics released today shows the all items consumer price index continued to accelerate, rising 8.5 percent for the 12 months ending March – that is the largest 12-month increase since the period ending December 1981.
The March numbers are the highest month to month rise since 2005.
Further, the all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982, and the the energy index rose 32.0 percent over the last year. The food index increased 8.8 percent, the largest 12-month increase since the period ending May 1981.
Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase. The gasoline index rose 18.3 percent in March and accounted for over half of the all items monthly increase; other energy component indexes also increased. The food index rose 1.0 percent and the food at home index rose 1.5 percent.
As for wages, when adjusted for inflation, hourly earnings on a year over year comparison are down 2.7%. Adjusted for inflation, weekly earnings are down 3.6%.
What does this mean for your pocketbook?
With the March BLS report, Americans are paying more for nearly every consumer good of note. For example:
- Gas is up 48%
- Bacon is up 18%
- Beef is up 16%
- Milk is up 13%
- Eggs are up 11%
- Coffee is up 11%
- Used cars are up 35%
- Appliances are up 12%
The index for food away from home rose 6.9 percent over the last year, the largest 12-month increase since December 1981. The index for full service meals rose 8.0 percent over the last 12 months, and the index for limited service meals rose 7.2 percent.
The index for airline fares rose 10.7 percent in March, after rising 5.2 percent in February. The household furnishings and operations index rose 1.0 percent over the month, the eighth consecutive increase in that index. The index for motor vehicle insurance increased 0.7 percent in March, and the index for apparel rose 0.6 percent in March. The index for recreation increased 0.2 percent, and the index for personal care increased 0.5 percent over the month.
The medical care index increased 0.5 percent in March. The index for physicians’ services also increased 0.5 percent over the month, while the index for hospital services rose 0.4 percent.
Frank Corder
