(DCWatchdog.com) – In unwelcomed yet unsurprising news, inflation has risen at the fastest pace since 1982. It was revealed that inflation rose at a rate last experienced nearly four decades ago as Americans grappled with rapid price increases.
Following the news, the consumer price index rose 7% YOY in December, the fastest increase since June 1982, President Biden’s approval ratings tumbled.
The increase, just shy of 1982’s 7.1% inflation, is ravishing the nominal gains the U.S. made in salary and wages. From November to December, when inflation increased by 0.5%, hourly earnings rose 0.1% –– according to the Department of Labor stats. However, actual annual earnings decreased 2.4%.
The Consumer Price Index –– responsible for measuring gasoline, health care, groceries, and rent, among others –– climbed 0.5% from November to December.
Core prices, which don’t measure food and energy as they are more volatile, jumped 5.5% in December from the previous year, a worrying increase from November, when it had only risen by 4.9%.
After the data was released –– and despite its concerning nature –– stock market futures increased.
In YOY increases, Energy prices increased 29,3% –– although it was down 1.1% from November. Gasoline increased by 49.6%. The cost of food rose 6.3%. The price of used cars and trucks was cause for alarm as it increased 37.3%. Shelter had more tame figures as it only increased 4.1%, the fastest year-over-year increase since 2007.
The 7% inflation has been devastating for President Biden. In a Quinnipiac University Poll, most correspondents didn’t approve of the President, which the White House blames on supply chain issues and pandemic-induced restrictions that battered the economy.