Inflation at 7%? But 50% hike in gas prices excluded, like nearly 20% hike in beef
It’s been reported that the Consumer Price Index shows costs for consumers now are 7% higher than a year ago, a level of inflation not seen in nearly 40 years.
But Joe Biden, the New York Post explains, insists he’s “making progress.”
He claimed the newest report “shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling,” and he said that “demonstrates that we are making progress in slowing the rate of price increases.”
But for families buying beef for a family event and have to pay $60 instead of $50, and when a tankful of gasoline costs $60 instead of $40, and a cheap new car instead of $20,000 is nearly $23,000 and even used cars, instead of being $10,000, are $14,000, it somehow seems more than 7%.
US #inflation rises to 7% in December, highest level in 39 years.
Gasoline: 49.6%
Beef: 18.6%
Pork: 15.1%
Chicken 10.4%
Fresh fish: 10.2%
Oranges: 9.9%
Furniture: 13.8%
Dresses: 8%
Jewelry: 8.8%
New cars: 12%
Used cars: 37.3%
Hotels: 27.6%
Car rental: 36%— Emel Akan (@mlakan) January 12, 2022
It’s because the CPI excludes food and energy costs, so the 7% really applies to consumer goods and many others things that, while needed by American families, are not as critical as food and heat. – READ MORE
Responses