While October’s inflation cooled more than expected, consumer prices remained near multi decade highs, and millions of Americans continue to suffer.
FOX News writes, as reported Thursday by the Labor Department, the consumer price index, which measures the price of goods such as gasoline, groceries and rent, grew 0.4% in October from September. Prices climbed 7.7% on an annual basis.
As for other price increases in October, they were persistent and stubbornly high: the cost of groceries rose 0.5%, putting the 12-month increase at 12.4%. Items such as cereal, bread, fish, seafood, eggs, and fresh vegetables, including lettuce and tomatoes, cost more to consumers.
As a percentage of core inflation, shelter costs rose 0.7% for the month and are up 6.9% over the past year.
On an annual basis, rent costs increased by 7.5% and 0.8% month-over-month, respectively. Rent increases are concerning because they directly and acutely affect household budgets. U.S. households are facing increased financial pressure as food and shelter costs continue to rise. The average hourly wage declined by 0.1% in October when adjusted for inflation. According to a separate BLS report, earnings are down 2.8% from last year.
Florida Senator Rick Scott released a statement on the report, tweeting in part, “Families across the country are being CRUSHED by rising prices, and @JoeBiden has done NOTHING to fix it. It’s time to end the madness and demand fiscal responsibility that will finally end this inflation nightmare. Enough is enough.”
Scott is right when he says that Joe Biden is doing nothing to fix inflation. Biden even said it himself Wednesday while speaking at the White House.
The recent inflation report shows that consumer prices have remained at near-decade highs, leaving millions of American consumers struggling. Yet, Joe Biden continues to insist he won’t change anything about his economic plans. In light of this troubling report, it’s clear that voting blue has consequences. With their re-taking of the House, the Republican party must start working towards solutions for inflation and improving the economy for all Americans. Those who voted Democrat may now be regretting their decision and wishing they had chosen the party committed to solving these pressing issues.