Inflation hit a 40-year high of 7.5 percent, the Labor Department announced Thursday, a figure not seen since the Carter administration
* The average cost of consumer goods has risen for the sixth consecutive month, Labor Department revealed
* Energy costs, including fuel and used cars, rose an average 27 percent in January from the same time in 2021
* Prices at the pump are up by 40 percent while grocery costs are up 7.4 percent, guaranteeing a broad swath of Americans have felt the economic ramifications personally over the last month
* January's inflation numbers outpaced average wage growth for the same month, which was 5.7 percent
* West Virginia Democratic Sen. Joe Manchin said the devastating report was a sign Congress and the Biden administration need to 'proceed with caution before adding more fuel to an economy already on fire'
* Monthly rent costs saw their biggest increase from December to January in 20 years
* Household furnishings saw their largest price increase on record as costs jumped by 1.6% from Dec to Jan
The U.S. inflation rate hit a 40-year high in January, with prices rising 7.5 percent from last year, the Labor Department announced on Thursday.
It's the highest spike in consumer goods prices since February 1982, and a certain blow to President Joe Biden's standing with American voters less than a year before the crucial midterm elections.
Even members of his own party are distancing themselves from the economic disaster, with West Virginia Senator Joe Manchin taking a veiled swipe at the White House for seeming to 'think that spending trillions more of taxpayers’ money will cure our problems.'
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WNU Editor: This guarantees steep interest rate rises in the coming months.
Inflation Shock Numbers In The U.S.
Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982 -- CNBC
US inflation jumped 7.5% in the past year, a 40-year high -- AP
America's annual price increase was worse than economists had forecast -- CNN
Inflation accelerates 7.5% in January, hitting a fresh 40-year high -- FOX News
Inflation costs the average US household $250 more a month, study says -- NYPost
Inflation hits fresh 40-year high -- Axios
10 comments:
Steep increases? No way.
Federal debt is rising from $30 trillion. 1% interest rates yields $300 billion interest payment/year.
Real inflation is higher than 7.2% because the index under values housing inflation. So to tame inflation yields have to exceed 7.2% in the fantasy government world to over 10% in the real world.
That equates to $2 trillion to $3 trillion in annual interest payments. To China.
Also social security is pegged to inflation. Last year payments rose by 6% and 2021 will no doubt yield something like 8%. So federal budget gets hammered again.
Where will Feds get the extra trillions? Printing it!!
Producing more inflation.
This is the disaster long predicted by deficit hawks.
DANGER ZONE: Biden’s Real Clear Politics Poll Average Drops Below 40 Percent For The First Time
Poor hapless Biden. He wanted to be president all his life and now "he is one", his posse are working all the levers, mashing all the buttons, things are coming apart and half the time he does not know he is president.
It took me a lot of years to get from low salary Army grunt to having a master's degree office job. I've had that job for just 2 years, got a big promotion after those 2 years, and it feels like I make the same or less. It's much worse for a lot of people and at least I have a job / good job... but it really sucks to have had no earning power for so long and now still with no assets or car or anything watching inflation cut into my buying power faster than I can accumulate wealth. 7.5% inflation and this year I'm getting a 2.5% cost of living increase which is more than usual at my job. I can't get promotions every year to keep up. What's next month going to being?
Alex
what you are finding is being found by the entire middle class, both in the US and in Europe.
Try paying no taxes or very little, as the wealthy do or bank offshore
master's degree office job.
White privilege
Uneducated Army grunt uses GI Bill and has no assets or wealth...makes you think...I'm white? You're qualified for the combat arms my friend.
Like Soros?
I thought you had commented something awhile back that would make a person think that you were not white. I think you are a good guy and look forward to your comments about Chicago. What I did was reconnaissance by fire to see what reaction would result.
Too bad your name isn't Chelsea and cannot get $600,000 gigs for "what die she actually do on air?" Or get children's book contracts based on the lucky sperm club. Or not have to go through an interview and selection process to get a job on the board at the Clinton initiative and Expedia.
A seat on the board of directors typically pays anywhere from 50,000 to 6 figures for a few says worth or work.
Chelsea has a 6 figure cushion before she has to find or work at any other job.
A gallon of gas will be above $6 a gallon this summer.
Thank Saint Joe
I wish I was named Chelsea too. Shoot, I'd take the name Hunter at this point.
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