REPORT: Inflation Rose 8.5 Percent Over Last Year, The Highest Level Since 1981

On Joe Biden’s watch, inflation has reached another historic new high.

Over the last year, inflation has risen to 8.5% which is the highest it has been since 1981.

This is causing real hardship and pain for the American people.

The Associated Press reports:

US inflation jumped 8.5% in past year, highest since 1981

Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.

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The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine. From February to March, inflation rose 1.2%, the biggest month-to-month jump since 2005. Gasoline prices drove more than half that increase.

Across the economy, the year-over-year price spikes were widespread. Gasoline prices rocketed 48% in the past 12 months. Used car prices have soared 35%, though they actually fell in February and March. Bedroom furniture is up 14.7%, men’s suits and coats 14.5%. Grocery prices have jumped 10%, including 18% increases for both bacon and oranges…

“The inflation fire is still out of control,″ said Christopher Rupkey, chief economist at the research firm FWDBONDS LLC.

Trending: Joe Biden Is Quietly Lowering Expectations For Democrats In The Midterms

Meanwhile, Biden is still using the pathetic excuse that this is all Putin’s fault.

Some liberal media outlets are actually playing along with this lie.

No one with a functioning brain believes this spin.

This is all on Joe Biden.

 

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