Consumer Prices Rise 8.5%, Highest In 40 Years

Must read

Now That the West Has Promised Tanks, Ukraine Dusts Off F-16 Request

One of my favorite children’s books is Laura Numeroff’s ‘If you give a Mouse a Cookie.’ In it,...

Fact Check: Ilhan Omar Claims She Never Compared Israel, US to the Taliban

Ilhan Omar, during an appearance on CNN’s “State of the Union” Sunday, pleaded ignorance when it came to...

Donald Trump Promises to Empower Parents, Vows to Defeat Gender Ideology Cult

While other Republicans tease possible presidential campaigns, former President Donald Trump is getting into the swing of the...

CNN Gives Schiff, Swalwell, and Omar an Entire Panel to Continue Their Committee Removal Whining Tour

CNN offered Ilhan Omar, Eric Swalwell, and Adam Schiff an entire panel segment so they could continue whining...

By Casey Harper (The Center Square)

Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.

The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.

“Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase,” BLS said. “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.”

RELATED: Psaki Blames ‘Extraordinarily Elevated’ 8.5% Inflation on ‘Putin Price Hike’

Energy prices have been the biggest contributor. Americans have seen gas prices rise significantly over the past year. According to AAA, the average national gas price is $4.10, up from $2.86 the same time last year.

“The all items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982. The energy index rose 32.0 percent over the last year, and the food index increased 8.8 percent, the largest 12-month increase since the period ending May 1981.”

White House Press Secretary Jen Psaki preempted the report Monday, saying they expected inflation to be “extraordinarily elevated” but blamed it on “Putin’s price hike.”

Support Conservative Voices!

Sign up to receive the latest political news, insight, and commentary delivered directly to your inbox.

By subscribing, you agree to receive emails from ThePoliticalInsider.com and that you’ve read and agree to our privacy policy and to our terms and conditions. You further agree that the use of reCAPTCHA is subject to the Google Privacy and Terms of Use.

The Biden administration has consistently blamed Putin’s invasion of Ukraine, but critics point out inflation and gas prices have been rising since Biden took office, well before the February invasion. They point to excess federal spending. 

“Under the Biden administration, the American people have become demonstrably poorer,” said EJ Antoni, an economic expert at the Heritage Foundation. “The dramatic rise in prices that we’re seeing means that American families can’t buy as much today as they could just 14 months ago. Prices have surged so rapidly that real earnings – earnings adjusted for price changes – have dropped 4.5% on Biden’s watch.

RELATED: Critics Say Biden Rewrite Of Trump-Era Rule Will Raise Energy Prices, Bog Down Development

“While COVID lockdowns and reckless government spending have caused significant economic harm, the Federal Reserve has also been asleep at the wheel by enabling the federal government’s spending spree with its money-printing policies,” he added.

Antoni called the rising prices a “hidden tax” on Americans fueled by federal policies.

“Meanwhile, Americans are losing savings and purchasing power from the ‘hidden’ tax of inflation,” he said. “If President Biden and others are serious about helping working Americans, they need to take responsibility for the mess they created, cut government spending, and end the regulatory war on American energy production.”

Syndicated with permission from The Center Square.

More articles

Latest article

Now That the West Has Promised Tanks, Ukraine Dusts Off F-16 Request

One of my favorite children’s books is Laura Numeroff’s ‘If you give a Mouse a Cookie.’ In it,...

Fact Check: Ilhan Omar Claims She Never Compared Israel, US to the Taliban

Ilhan Omar, during an appearance on CNN’s “State of the Union” Sunday, pleaded ignorance when it came to...

Donald Trump Promises to Empower Parents, Vows to Defeat Gender Ideology Cult

While other Republicans tease possible presidential campaigns, former President Donald Trump is getting into the swing of the...

CNN Gives Schiff, Swalwell, and Omar an Entire Panel to Continue Their Committee Removal Whining Tour

CNN offered Ilhan Omar, Eric Swalwell, and Adam Schiff an entire panel segment so they could continue whining...

EXCLUSIVE: Nick Pope Explains Why You Should Pay Attention to the Government’s Recent Interest in UFOs

It’s been a cluttered news cycle the last few years, so it would be understandable if you missed...