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Biden Effect: Inflation Surges to Level Not Seen in Almost 30 Years

The Consumer Price Index has increased 5% over the last 12 months, the fastest inflation in prices since August 2008, according to a Department of Labor report, and core inflation has skyrocketed to its highest level since 1992.

The Consumer Price Index (CPI) increased 0.6% between April and May and economists projected that the CPI increased by 0.5% and 4.7% over the 12-month period ending in May, according to The Wall Street Journal.

Core inflation, as measured in the core personal consumption expenditures (PCE) index, rose 3.1% which is the fastest in almost 30 years. The index tracks the prices of a wide swath of goods and services to give a broader view of inflation than the CPI number typically highlighted in economic news.

Lumber, metals, groceries, and fuel prices have all seen significant price increases with no let-up in sight.

The Labor Department’s report also showed a 13.1% drop in household income setting the economy up for a dangerous mix of higher prices and fewer consumers able to afford them.

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Rich Mitchell

Rich Mitchell is the editor-in-chief of Conservative Daily News and the president of Bald Eagle Media, LLC. His posts may contain opinions that are his own and are not necessarily shared by Bald Eagle Media, CDN, staff or .. much of anyone else. Find him on twitter, facebook and

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