The consumer price index (CPI) set to release this week expects to show an increase of 8.4% inflation over the past 12 months, the fastest recorded climb since 1981.
The grim milestone comes as President Joe Biden continues to blame other factors for the surging prices nearly halfway into his term.
Consumer price index data due out this week will show soaring U.S. inflation hit another four-decade high last month even as Joe Biden claimed rising prices are more to do with malevolent outside forces than his own economic (mis)management. https://t.co/sqAzL78vi1
— Breitbart News (@BreitbartNews) April 11, 2022
A growing problem
“The gap between headline and core CPI points to a growing problem for the Federal Reserve,” the Financial Times reported.
Democrats are trying out midterm campaign messages as President Biden’s poll numbers remain low and voters worry about inflation and Ukraine https://t.co/GTkGxa9nxV
— The Wall Street Journal (@WSJ) April 11, 2022
“Inflation produced by supply chain bottlenecks or sanctions on Russia is not within the Fed’s direct control, but will nevertheless produce a higher headline number. That could prompt calls for evermore aggressive policy,” it added.
Biden’s fault
Texas Republican Sen. Ted Cruz rightly placed the blame for high gas prices on Biden.
The White House is desperate to blame high gas prices on Putin’s war against Ukraine.
Gas prices were already up 48% by the time Putin invaded Ukraine. pic.twitter.com/Yr9HfkoOdo
— Senator Ted Cruz (@SenTedCruz) April 11, 2022
In another post, he wrote, “Reminder: #Bidenflation is costing American families $5,000 a year.”
White House finger-pointing on inflation can’t handle this chart. Prices took off right after Biden was elected and haven’t looked back since. pic.twitter.com/i0TaFzOGtr
— David Asman (@DavidAsmanfox) April 10, 2022
Writer David Asman added: “White House finger-pointing on inflation can’t handle this chart. Prices took off right after Biden was elected and haven’t looked back since.”
Inflation is surging faster and higher than at any time in the past four decades. This isn’t just about Russia. It’s about the left’s failed policies in Washington.