The Biden administration conveniently waited until after Tuesday’s midterm elections to release the latest data on inflation, and as expected, it surged again in October.
What’s more, energy prices are rising again, as well, and are expected to remain high as winter approaches.
“The Consumer Price Index (CPI) rose 7.7% between October 2021 and October 2022, according to a Thursday report from the Bureau of Labor Statistics,” the Daily Wire reported, noting that inflation overall is slowing after aggressive rate hikes by the Federal Reserve — hikes that are spurring economic fallout as well in the form of layoffs and a huge decline in housing and car sales.
The outlet added:
The month-to-month increase of 0.4% fell below analysts’ forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.3%, also falling below forecasts. A 0.6% surge in food prices and a 0.8% increase in shelter prices contributed to the headline number as energy prices reversed their downward trajectory to surge 1.8%. A decline in prices for used vehicles of 2.4% appears to have been one of the elements responsible for the lower headline reading.
Year-over-year inflation in October was lower in comparison to the previous month’s reading of 8.2%. Energy costs have fallen from their peak earlier this summer to produce a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.
Meanwhile, the Fed has increased prime lending rates by 0.75 percent four times over the past year as a means of slowing the economy and, thus, slowing inflation. Critics have claimed that the Fed reacted to inflation too slowly and is now causing further harm to the economy with aggressive hikes that will have deleterious effects of their own.
Despite the economic turbulence, President Joe Biden told reporters on Wednesday following the midterm elections that he doesn’t plan on changing any of his policies though “the economy” and “inflation” were two top issues that reportedly harmed some Democrats running for reelection.
“What in the next two years do you intend to do differently to change people’s opinion of the direction of the country, particularly as you contemplate a run for President in 2024?” a reporter asked.
“Nothing, because they’re just finding out what we’re doing,” Biden replied, asserting, “The more they know about what we’re doing, the more support there is.”
He doubled down shortly afterward.
“I’m not going to change — as a matter of fact, you know there’s some things I want to change and add to. For example, we had — passed the most bipartisan, we passed the most extensive gun legislation, anti- — you know, rational gun policy in 30 years. And — but we didn’t ban assault weapons. I’m going to ban assault weapons … So, I’m not going to change the direction.”
“We’re going to restore the soul of the country, begin to treat each other with decency, honor, and integrity,” said Biden, whose own divisive rhetoric ahead of the elections led to harsh criticism. “And it’s starting to happen. People are — the conversations are becoming more normal, becoming more — more — how can I say it? — decent.”
“I’m going to do everything in my power to see through that we unite the country,” he added. “It’s hard to sustain yourself as a leading democracy in the world if you can’t — can’t generate some unity.”
America is a constitutional republic, not a democracy, for the record. Read about the difference here.