Bad economic news continues to pile up. While global supply chain woes keep store shelves empty, prices on consumer goods rose at their highest rate in 13 years.
Summary
Inflation of the consumer price index (CPI) rose 5.4 percent from last year according to a new report from the Department of Labor.
- CPI increases are now the highest they’ve been in 13 years and are affecting everything from new cars to household furniture.
- Price increases in food and housing costs were responsible for most of the CPI increase.
- With inflation not likely to end anytime soon, the U.S. Energy Information Administration announced heating bills for Americans during the winter months could increase more than 50% compared to last year.
- One bright spot: Social Security recipients can expect a 5.9% cost of living adjustment in their monthly benefits next year.
- CNN reported the Federal Reserve is looking to ease back on its coronavirus-related stimulus as a way to cool down inflation, though admit it may not do much given the global supply chain crisis.
- NBC News referenced comments earlier this year from Federal Reserve Chairman Jerome Powell, who called our current bout with inflation “transitory”, saying these price increases “may last a little longer yet.”
- The Washington Post called the inflation report “further evidence” of economic upheaval post-pandemic the government doesn’t truly understand.
- Fox News highlighted criticism of White House Chief of Staff Ron Klain for his tweets suggesting inflation isn’t as bad as reports say, and calling the issue “high class problems.”
- The Daily Wire reported on the Biden administration urging the oil and gas industry to increase supply as costs for fuel rise despite the administration’s actions limiting gas exploration in America.
- Townhall wrote how the compounding economic problems are part of broken promises from Biden, saying “build back better” has been replaced with “out of stock.”
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© Dallas Gerber, 2021
