The Consumer Price Index (CPI), a key inflation index rose at an annual rate of rose 0.1% to 7.1%, in November on a seasonally adjusted basis after increasing 0.4% in October, the U.S. Bureau of Labor Statistics reported today.
MAKE NO MISTAKE: November’s CPI report is nothing to celebrate. When Joe Biden took office, CPI was just 1.4% before skyrocketing to 40-year highs because of Biden and House Democrats’ out-of-control spending to fuel their Far Left agenda. In July 2021, Joe Biden told the American people inflation was just “temporary” after the CPI increased to 5.4% and White House Chief of Staff Ron Klain called inflation a “high-class problem.”
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- Families across the country are still paying more for just about everything:
- Food at employee sites and schools are UP 110.1%
- Food at elementary and secondary schools are UP 254.1%
- Fuel oil is UP 65.7%
- Eggs are UP 49.1%
- Air fairs are UP 36.0%
- Butter and margarine are UP 34.2%
- Flour is UP 24.9%
- Frozen and refrigerated bakery products, pies, tarts, turnovers are UP 19.4%
- Cookies are UP 19.2%
- Lunchmeats are UP 18.4%
- Cereals and bakery products are UP 16.4%
- Potatoes are UP 16.2%
- Bread is UP 15.7%
- Milk is UP 14.7%
- Rice is UP 14.1%
- Electricity is UP 13.7%
- Energy is UP 13.1%
- Real average hourly earnings decreased 1.9%, seasonally adjusted, from November 2021 to November 2022.
- The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year.
- According to a recent survey, about half of Americans will cut back on holiday shopping this year due to rising costs.
- Over 70% of Christmas tree growers plan to raise prices this year up to 15% to afford rising production costs.
- The shelter index continued to increase, rising 0.6% over the month.
IT’S SIMPLE: After nearly two years of Democrats’ failed Far Left agenda, families are still struggling to afford necessities. The House Republican majority will fight inflation by reining in Joe Biden and House Democrats’ reckless government spending and promoting pro-growth tax policies.
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