The recent inflation report from the federal government paints a worrying picture. Prices across all major industries have been seen to skyrocket in the past few months, leading to fears of economic downturn and instability. While some hope that this is the peak and things will get better soon, trends show to be unlikely.
It’s a wrap: prices have skyrocketed across the board according to a new government inflation report. Almost every item imaginable, from food to fuel, has risen in price – providing a nasty shock for already hard-pressed American workers. For those already struggling to make ends meet, this increase in costs could well be the straw that breaks the camel’s back, making it impossible to make their way through tough times and beyond. Something must be done – not only to help those already feeling the pinch of these shocking price hikes, but also to stop this rapidly spiraling trend of inflation before it’s too late.
Town Hall reports, a new reading of the Consumer Price Index released on Thursday morning indicates that consumer prices decreased 0.1 percent in December, but that they have still advanced 6.5 percent over the past 12 months, in line with Wall Street expectations.
As the Bureau of Labor Statistics explained in its release of December’s CPI, the index for gasoline was “by far the largest contributor to the monthly all items decrease” — a volatile index that is not expected to remain on a downward trajectory as spring and summer approach.
In the last month of 2022, other components of the energy index continued to climb, resulting in a 7.3% year-over-year increase.
While fuel oil prices fell 16.6 percent in December, the cost of keeping homes warm is still 41.5 percent higher than it was one year ago. Americans’ electricity bills rose 14.3 percent over the past year, while gas bills increased 19.3 percent.
In the last 12 months, food has risen 10.4 percent, among the indexes that continue to spike. The cost of food at home – what Americans keep in their pantries – increased 11.8 percent, but the cost of food away from home – what Americans eat at restaurants – rose 8.3 percent.
It seems that even man’s best friend isn’t immune from rising meal costs, as pet food prices rose 15.2 percent over the past year.
At elementary and secondary schools, the cost of food increased by a staggering 305.2 percent due to the increasing cost of food products
Based on December 2022 — the weakest unemployment report of the year — where wage growth increased 4.6 percent over the past 12 months, we see still-rising costs of necessary goods. The real wages of Americans remain negative 1.9 percent as they struggle to pay their rent, groceries, and energy bills.
It’s a new year, but unfortunately that doesn’t change much of the chaos in our government. As the GOP now holds a majority in the House, they have an opportunity to create some positive change. To succeed, they must focus on blocking radical bills that are responsible for continually raising prices. While common sense solutions should be their aim, the Democratically-controlled Senate could reject any attempts at passing these needed measures. Now is not the time for politicians to ignore their constituents and instead bicker among themselves; Republicans and Democrats alike must work together, but one party caused all this mess so do we think they’ll all the sudden change their minds to common sense policies?
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