CPI Report Creates Difficulty For White House

On February 12, 2024, Biden was bragging about inflation while giving a speech.

“And it’s clear we have the strongest economy in the world: nearly 15 million new jobs since I came to office. (Applause.) The longest stretch of unemployment under 4 percent in 50 years. Growth is strong. Rages are r- — wages are rising. Inflation is down,” he said. “In fact, the costs have fallen from everything from a gallon of gas to a gallon of milk.”

The next day, the Labor Department released the Consumer Price Index for January, showing that it is up 3.1 percent from the previous year. Meaning inflation is back on its way up and it could force the Federal Reserve to keep interest rates high.

Additionally, there are reports that inflation may even continue to rise.

From Politico:

Unfortunately for Biden, Tuesday’s inflation report came in hotter than expected, ensuring that one of his toughest political problems isn’t going away.

A majority of economists surveyed by the National Association for Business Economics expect that CPI will remain elevated, with about two-thirds believing it’s likely or very likely to stay above 2.5 percent through the end of the year.

Biden has tried to repeatedly put the blame on consumers.

But it’s not working.

Especially coming from an administration that told us inflation was “transitory.”

But don’t worry not being able to afford your groceries is just an “anomaly.”

Folks, he said he brought prices down, but now they are back up, so he owns this one.


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