Biden’s inflation spike set to hit another 40-year high: Report

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.

A growing problem

“The gap between headline and core CPI points to a growing problem for the Federal Reserve,” the Financial Times reported.

“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.

In another post, he wrote, “Reminder: #Bidenflation is costing American families $5,000 a year.”

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.

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