Inflation in the United States as measured by the Personal Consumption Expenditures index was up in February by 6.4% compared with February 2021. That’s the highest in 40 years.
When food and gas costs are excluded, the inflation increase for February was 5.4%.
The Commerce Department’s Bureau of Economic Analysis said energy prices rose 25.7% while food prices increased 8%.
According to the BEA, personal income increased $101.5 billion (0.5%) in February. Disposable personal income was up by $76.1 billion.
The increase in personal income in February “primarily reflected an increase in compensation that was partially offset by a decrease in government social benefits,” the BEA said in a news release.
“The $34.9 billion increase in current-dollar PCE in February reflected an increase of $93.8 billion in spending for services that was partly offset by a $58.9 billion decrease in spending for goods.”
Inflation in services was led by food services and accommodations. Spending on motor vehicles and parts drove the decrease in spending on goods.
The numbers “reflected the continued economic recovery and government response to the COVID-19 pandemic,” the BEA said.
In February government social benefits declined, reflecting the continued winding down of pandemic-related assistance programs.
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YEAH, JOE—YOU DID THAT !!!!!
LET’S GO BRANDON !!!!!
What part of basic economics that “The cost of energy controls the rise of inflation” on EVERYTHING do these fools not understand? Whatever their so-called economic experts paid for their educations was money thrown down the toilet. Obviously, they were educated on the government taxpayer’s dime. This is what you get when the best of the best gets turned away from our highest forms of university education in favor of things like social standing, income, and skin color, which is basically just an indication of their malleable minds for socialist indoctrination in entitlement. Get the government out of the business of higher education and let the cream of America rise to the top of American education, not the socially contaminated used oil from the crankcases of cranky liberal minds.
6%?? TRY 50%!
Last time i was out buying a 5lb block of 80%/20% mince meat, it cost me 13 bucks. TODAY IT WAS 19 bucks..
Last time i bought a pack of chicken breasts, it was barely 11 bucks. NOW IT COSTS ME 20+!