The Biden-era has racked up a fair share of embarrassments, from the Afghanistan withdrawal debacle to the failure to achieve the Biden campaign’s promises on Covid, to the complete collapse of border security. But no failure has been worse than Biden’s inability to tame inflation, and his propensity to stoke it with big spending follies. Now, Americans are facing core consumer inflation at rates faster than anything seen by Americans in forty years. You can see the spike in Biden-era inflation on my chart below. Here, The Wall Street Journal’s Gwynn Guilford reports on the crippling inflation hitting Americans today:
U.S. consumer inflation excluding energy and food accelerated to a new four-decade high in September as prices continued to surge, a sign that persistent cost increases are becoming entrenched in the economy.
The Labor Department on Thursday said that the so-called core measure of the consumer price index—which excludes volatile energy and food prices—gained 6.6% in September from a year earlier, up from 6.3% in August. That marked the biggest increase since August 1982.
On a monthly basis, the core CPI rose 0.6% in September, the same as in August, and up from 0.3% in July. Investors and policy makers follow core inflation closely as a reflection of broad, underlying inflation and as a predictor of future inflation.
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