Prices for just about everything rose at a faster pace in January than in recent months and increases are higher than analysts expected, according to the newest Bureau of Labor Statistics (BLS) report.
Year-over-year (YoY or annual) inflation came in at 7.5%, a 40 year high and above analysts 7.2%-7.3% estimate. The new numbers show inflation is accelerating in contrast to some experts’ predictions.
For the month of January, the BLS reported a .7% gain in prices that exclude food and energy. But the more important number, for those Americans that work for a living, eat food, heat their homes, and drive a car (CPI-W), is that overall prices increased by .9% last month. That’s almost one full percentage point in a single month. If the trend continues, double-digit Carter-like inflation could be near.
Another key takeaway from the report is that vehicle prices, which pushed inflation higher in 2021, rose little while food prices – a top concern for most working families – topped the list at .9% in January (7% YoY). New car prices stayed flat compared to December and used vehicles rose only 1.5% year-over-year.
The January figures show that core inflation rose at the fastest level since August of 1982 while wages in January, when adjusted for inflation, dropped 1.7%.
As American families are left dealing with average monthly costs more than $250 higher than 2020 levels, Biden’s approval ratings and Democrats’ chances to hold a majority in Congress are both sinking fast.
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