Joe Biden’s inflation numbers came in higher than expected for the month of August, hitting 8.3% instead of the expected 8.1%.
This comes after Biden claimed that inflation was moderating.
Here’s the lowdown:
Biden continues to deliver higher prices, lower wages.
Overall CPI: +8.3% y/y
Fuel Oil: +68.8%
Meat, Poultry, & Fish: +8.8%
Baby Food: +12.6%
Airline Fares: +33.4%
Real Average Hourly Earnings: -2.8%
— Jacki Kotkiewicz (@jackikotkiewicz) September 13, 2022
Everything across the board is increasing in value except for your paycheck. Thank you Joe Biden.
This is Biden’s track record for inflation since January of 2021:
Jan. 2021: 1.4%
Jan. 2022: 7.5%
— Lucas Tomlinson (@LucasFoxNews) September 13, 2022
Meanwhile, the stock market tanked this morning on the news that inflation was higher than expected for August:
Investors on Wall Street ran for cover on Tuesday following the release of the federal government’s higher-than-expected inflation report.
The Dow Jones Industrial Average fell by 500 points at the start of trading at the New York Stock Exchange while the tech-heavy Nasdaq index dropped by more than 350 points, or 2.9%.
The S&P 500 dipped by more than 2%.
The markets reacted on Tuesday to the latest consumer price index report which showed that most items became more expensive.
While the cost of gasoline fell, most other goods saw their prices rise yet again.
Consumer prices surged 8.3% in August compared with a year earlier — down from 8.5% in July but still higher than anticipated.
Gas prices might have fallen, but diesel is what America runs on when it comes to food and that’s probably one reason why prices are still so dang high. I’m still waiting on the price of meats like chicken and steak to skyrocket even more after the warnings we got over the summer about the high cost of feeding farm animals.