Joe Biden isn’t going to be happy with today’s news on inflation. New numbers are out and it shows inflation rising faster than in the last 7 months.
Specifically it’s the cost of U.S. goods and services that spiked in January, meaning the Federal Reserve is having trouble containing Biden’s runaway inflation.
Here’s ore via Fox Business:
BREAKING NEWS: Inflation gauge closely watched by the Fed accelerated more than expected in Januaryhttps://t.co/jPdxrj6Vcs
— FOX Business (@FoxBusiness) February 24, 2023
An inflation measure closely watched by the Federal Reserve rose faster than expected in January as consumer prices remain stubbornly high, according to new data released Friday.
The personal consumption expenditures (PCE) index showed that consumer prices rose 0.6% from the previous month – the most since June – and rose 5.4% on an annual basis, according to the Bureau of Labor Statistics. Those figures are both higher than the 0.2% monthly increase and 5.3% headline jump recorded in December, a worrisome sign for the Federal Reserve as it tries to crush runaway inflation with the most aggressive series of interest rate hikes since the 1980s.
Core prices, which strip out the more volatile measurements of food and energy, climbed 0.6% from the previous month and 4.7% year-over-year, also faster than in December.
“Core inflation in January was hotter than expected, all but insuring the Fed will continue on its rate hiking campaign for a lot longer than markets anticipated just a few weeks ago,” said Jeffrey Roach, chief economist at LPL Financial.
In another worrisome sign that inflation is broadening throughout the economy, consumer spending also posted a surprise increase, jumping 1.8% in January from the previous month. Economists expected personal spending to rise 1.4%.
The figures all point to strong underlying inflationary pressures within the U.S. economy that could force the Fed to raise rates higher than they expected even just a few weeks ago.
These are numbers released by his own administration but you can bet Biden will either ignore or deny them as he continues to lie about his wonderful economy.