Inflation fear sinks in on Twitter users after consumer price index rises yet again
The U.S. Consumer Price Index (CPI) for August dropped Tuesday and it immediately caused a stir. Prices for all items went up an average of 0.3% that month alone. This is a slight decrease from July, which saw an increase of 0.5%.
First, Producer prices rose 0.7% in August, which was less than the 1% increase the month before. Economists were anticipating a 0.6% gain. Yet, it was still the fastest annual pace on record for the fifth consecutive month. As a result, “inflation” began trending on Twitter Tuesday, with over 300,000 tweets at the time of this report.
Deputy Spokesman for House Minority Leader Kevin McCarthy (R-CA), Chad Gilmartin, called more attention to the CPI. In a tweet Tuesday, he blamed Biden and his economic plan.
“Americans are paying (literally) for Biden’s failed leadership,” Gilmartin tweeted. “And now Democrats want to spend $3.5 TRILLION on a liberal wish list.”
Rep. Elise Stefanik (R-NY) jumped on the trend. “Inflation is a tax on EVERY American,” Stefanik tweeted Monday.
A Twitter account behind Pomp Investments took the report as an opportunity to advertise its services. “The most vulnerable in society are being crushed by rising costs, while asset owners get richer,” the tweet read. “Don’t complain about it. Start investing.”
Over the past year, CPI increased 5.3% overall since the last 12 months. However, some items increased by much more. For instance, gasoline is up 42.7% from last August. As a result, the energy index also increased by 2% since last month, and has been on the rise for the last three months. Similarly, used cars rose to 31.9% since last year.
You can follow Jenny Goldsberry on Twitter @jennyjournalism.