Inflation in the United States continues to show annual increases not seen in 40 years, due to a variety of factors.
The Labor Department said in its monthly Consumer Price Index on Thursday that inflation rose by 7.9% in the 12 months ending in February. That’s the steepest 12-month increase since 1982.
Thursday’s report shows the same pattern that the department’s previous two showed — significant increases over the past 12 months.
From January to February, inflation rose by 0.8%, the department said.
AAA said on Thursday that the national average for gasoline in the United States has risen to $4.32 per gallon, the highest average on record. Photo by John Angelillo/UPI
“The 12-month increase has been steadily rising and is now the largest since the period ending January 1982,” the department said in a statement.
Without food and energy prices, inflation increased by 6.4% over the 12 months ending in February. The energy index rose by 3.5% over January and 25.6% since February 2021.
Analysts expect next month’s report to show another rise in the energy index, as Russia’s war in Ukraine and its impact on gas prices were not accounted for in Thursday’s report.
AAA said on Thursday that the national average for gasoline in the United States is $4.32 per gallon, a significant increase over the past few days and the highest average mark on record.
Increases in housing costs helped drive the increase, the department said.
“The shelter index was by far the biggest factor in the increase, with a broad set of indexes also contributing, including those for recreation, household furnishings and operations, motor vehicle insurance, personal care and airline fares.”
Inflation continues to be a major concern among Americans and could play a significant role against Democrats in the upcoming 2022 midterm elections.
“Today’s economic data tells the tale of two recoveries,” President Joe Biden said in a statement after the report was released.
“Our jobs recovery remains strong. New unemployment claims remain low, as jobs are created at a record level. The rate of people on unemployment insurance is the lowest since 1970 — more than 50 years. And private sector job growth is strong.
“At the same time, today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of [Russian President Vladimir] Putin’s price hike.”
Biden said he is working to counter rising inflation and reduce hardship among Americans. He noted, for example, tens of millions of barrels of oil released from the strategic reserve earlier this month.
“I want to be clear: We can do all this, and reduce the huge federal budget deficit that I inherited from my predecessor,” he added. “Earlier this week, we learned that after reducing the deficit last year — for the first time since 2015 … we are on track to cut the deficit this year by over $1 trillion.”
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Our National Socialist President Biden, who mandates and rules under the disguise of governing as loyal American Democrat, now uses Putin in socialist propaganda blame games for his own party failed oil policies that produced our raging Inflation, just as Hitler used and blamed the Jews for all the problems his own national socialists created for Germany. Just how pathetic can one chuckleheaded President get, just how stupid does he think THE PEOPLE are who feel the suffering of his own administration’ failed social engineering, just like the Ukrainians are suffering under Putin. The only things missing here are the bombs and tanks. The civilian lockdowns, masked bandits, home invasions, street demonstrations, street killings, media deceptions and coverups, and energy deprivations remain the same. God knows where they have buried the bodies of their political enemies, or are about to. Many have already gone to jail where Epstein has proven is no safe place to be housed.
but,but,but its putin i tell you its putins fault.
and the media lap dogs lick it up.
and the unwashed masses believe what they tell them.
With dems, ITS ALWAYS someone elese’s fault.
“We can do all this, and reduce the huge federal budget deficit that I inherited from my predecessor,”
HUH???
Obama – Biden administration increased the national Debt more than the combined debt of ALL presidents before Obama.
Until the COVID-19 Pandemic Lockdown (03/16/20), Donald Trump had increased debts by 16.08%. That’s considerably less than Barack Obama/Biden (69.98%)
Dec 16, 2021 – On Tuesday, Congress voted to raise the debt limit by $2.5 trillion, and President Joe Biden signed the bill into law today.
The amount is expected to pay the Treasury’s bills until sometime in 2023. Then he will raise the debt ceiling again.
President Biden March 11 2021 signed $1.9 Trillion COVID-19 Relief Legislation into law the American Rescue Plan Act of 2021
AND Trump had no choice, since we had the afgan war AND COVID hit during his time in.
Let’s Go Brandon. This administration is like watching a Clown Show at the Circus.
dont give clowns a bad name ma33
What a bunch of imbeciles. But, the time is getting closer to a boiling point where the people will no longer take this bull dung anymore. Eventually, the pendulum must swing the other way and it won’t be pretty. But maybe their strategy may be so brilliant, that we will no longer need to build a wall along our border, things are going to get so bad that those that walked into this country will suddenly want to run back to where they came from.