Inflation was “hotter than expected” in January, with prices increasing 3.1 percent year-over-year, while core inflation — stripping out food and energy costs — shot up to 3.9 percent year-over-year.
CNBC reported on the economic news noting that prices had risen by more than experts had anticipated while reminding viewers that “inflation won’t go away.”
The numbers, provided by the Bureau of Labor Statistics, indicate that underlying inflationary pressures remain strong.
While the headline year-over-year inflation number showed a slight decrease from December, it marks an increase of 0.3% for this month. Economists had anticipated a monthly increase of 0.2% and an annual gain of 2.9%.
CNBC reporter Steve Liesman pointed out sharp increases in medical costs, vehicle costs, and food prices, describing the report as “just a lousy month when it came to inflation.”
"It was just a lousy month when it came to inflation," says CNBC's Steve Liesman — noting "big increases" in medical costs, vehicle costs, and food prices.
— RNC Research (@RNCResearch) February 13, 2024
"Real earnings also declined in the month." pic.twitter.com/HVBJwv4ziN
Inflation Hot, Real Wages Cool
Overall, prices have risen 17.9 percent since Biden took office — with electricity up 28.6 percent, food prices up 21 percent, and rent up 19.4 percent.
Just the necessities of life.
President Biden tried to focus your attention on a few less Oreos or Doritos in your packages during the Super Bowl, shifting the blame for inflation on businesses. Now you know why. The White House has consistently tried to tell the American people that the cost of things isn’t as bad as they’re being led to believe.
Liesman’s report also tackles another aspect of the economy that the Biden administration has focused on – real wages.
“Real earnings also declined in the month,” he said.
Americans have seen a 2.1 percent pay cut under Biden as real wages remain lower than when he took office and real average weekly earnings decreased by 0.3 percent last month due to a decline in the average work week.
RELATED: MSNBC Guest: Americans Should Get Used To Inflation, Lower Prices Are ‘Kind Of A Bad Thing’
‘Buy Some F***ing Eggs!’
The White House issued a statement responding to the “lousy” inflation report by shifting the goalposts and remarking on progress made from its peak – which occurred during the Biden presidency.
“At a time when growth and employment remain strong, inflation declined by two-thirds from its peak but we know there’s still work to do to lower costs,” they write.
Currently, though, polls show that two-thirds of Americans disapprove of Biden’s handling of the economy.
The inflation news makes comedian Bill Maher’s assertion that America had conquered inflation under President Biden and had “won the pandemic economically” seem silly.
His comment prompted fitness guru Jillian Michaels to fire back, “Buy some f***ing eggs!”
Based Jillian Michaels confronts the leftist propaganda on Bidenflation by Bill Maher
— Eric Abbenante (@EricAbbenante) February 12, 2024
Maher: "We won the pandemic economically"
Michaels: "Inflation is insane."
Maher: "Inflation is not insane"
Michaels: "Go buy a car. A house has tripled here. Buy some fucking eggs." pic.twitter.com/y8XBRV4PM6
Eggs are up 37.5% in cost since President Biden took office. Chicken is up 27% since January of 2021. A personal visit to the grocery store just yesterday showed the cost of chicken for dinner is approaching that of decent steaks. It’s remarkably high.
This report suggests that inflation remains a challenge for the economy, and it could lead to the Federal Reserve continuing to raise interest rates to combat the issue.
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