The Inflation President (D), AKA Joe Biden, brings inflation to another 40-year high!
As he has in the past few months, the Inflation President (D), AKA President Joseph Biden (D), did it again!
Yesterday, the Bureau of Labor Statistics (BLS) released its monthly report on the Consumer Price Index (CPI) for February 2022. Although this report does not reflect the recent dramatic energy price hike following the Russian Ukraine invasion, the dry, statistical, fact-filled report confirms what nearly all of us have noted as we purchase basic necessities: prices are leaping skyward.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.
Wow! The high jump in February 2022, 0.8% prices, out-jumped the high jump in January 2022, meaning a 7.9% price increase in just one year! That's quite an increase! Build Back Bitter is what Biden calls it.
Wait, there's more!
Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase. The gasoline index rose 6.6 percent in February and accounted for almost a third of the all items monthly increase; other energy component indexes were mixed. The food index rose 1.0 percent as the food at home index rose 1.4 percent; both were the largest monthly increases since April 2020.
"The gasoline index rose 6.6 percent in February[.]" I repeat from above: this report does not reflect the recent dramatic energy price hike following the Russian Ukraine invasion.
But...but as one of his first official acts as president, Joe Biden (D) canceled construction of the Keystone Pipeline, which would have brought U.S. citizens reliable, low-cost energy from Canada while providing thousands of well-paying jobs for American citizens.
Keep in mind that these February price increases do not reflect the recent award-winning Olympic price heights of the past few post–Ukrainian invasion March days.
As a public service, we advise you to stock up now and be prepared for Not Building Back Better! Bummer! BLS report on March 2022 prices to be released — if the BLS can still pay the energy prices — on April 14, 2022.
Image: Phil Murphy.