So much for the Inflation Reduction Act that Joe Biden celebrated a few weeks ago. Of course, we all knew it wouldn’t reduce inflation – it actually increased it. Joe’s bill was nothing more than a radical communist green bill in disguise. But what does Joe or his rich, elitist white climate change advocates care about inflation and Americans who can’t afford food? They got what they wanted. As Breitbart reports, inflation is accelerating at an alarming rate as the midterm elections approach: prices paid by U.S. households jumped in September as a wide range of goods and services became more expensive.
Prices rose 8.2 percent from a year earlier, the latest Consumer Price Index showed Tuesday, evidence that the Federal Reserve’s goal of price stability remains an elusive and distant goal. Compared with August, prices rose 0.4 percent, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
Core inflation CPI, which strips out volatile food and energy prices, rose 6.6 percent from a year earlier. This is the highest core inflation rate since 1982 and surpasses recent highs of 6.4 percent in February and March. This month, core prices rose 0.6 percent.
Economists had expected the index to rise 0.2 percent on a monthly basis and 8.1 percent on a year-over-year basis. The core rate CPI was forecast to rise 0.4 percent on a month-over-month basis and 6.5 percent on a year-over-year basis.
The monthly figures show that inflation is accelerating.
So what do Biden and Pelosi do when this devastating economic news hits the airwaves?
Well, they head to Hollywood for a big donor event with ticket prices as high as $50,000 per couple.
Can you say disgustingly out of touch?