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Inflation Surges to Four-Decade High

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An inflation surge has once again created a four-decade high. The Bureau of Labor Statistics reported Thursday that the Consumer Price Index released the cost of average household of goods increased over 7.9% over the last 12-month period ending in February.

Increases in the prices of gasoline, housing, and food contributed the most to the spike. Gasoline spiked 6.6% in February and contributed to nearly a third of all the items’ monthly increase.

The U.S. Bureau of Labor Statistics released Thursday morning that “increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase.”

“The food index rose 1.0 percent as the food at home index rose 1.4 percent; both were the largest monthly increases since April 2020” when the pandemic was freshly at its peak. “The 12-month increase has been steadily rising and is now the largest since the period ending January 1982” reports the Bureau of Labor Statistics.

“The all items less food and energy index rose 6.4 percent, the largest 12-month change since the period ending August 1982.” Furthermore, “the energy index rose 25.6 percent over the last year, and the food index increased 7.9 percent, the largest 12-month increase since the period ending July 1981.”

National Review writes:

Persistent supply and demand imbalances left over from the pandemic, as well as the war in Ukraine and western countries’ sanctions retaliation against Russia, are pushing up the price of energy and other commodities. The Biden administration has come under fire for winding down domestic energy production, starting with the cancellation of the Keystone Pipeline XL project as one of the president’s first orders of business, leaving the U.S. beholden to quasi-dictatorships abroad for oil and gas.

White House press secretary Jen Psaki insisted last week that at the heart of reducing dependency on foreign energy is investing in alternative, green energy here. Russia has been accused of undermining fossil-fuel production in the West, stoking climate change alarmism via woke capitalism, to make it more reliant on Russian energy.

 

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1 Comment

  1. Julia

    March 10, 2022 at 5:41 pm

    Good

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Economy

Biden’s 60 Minutes Interview Horrifies White House: ‘Does NOT Reflect the OFFICIAL Position’

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Uh oh. Someone let President Joe Biden speak by himself again and damage control immediately ensued. President Joe Biden’s “60 Minutes” interview which aired on CBS Sunday was 60 minutes of pure torture for viewers and 60 minutes of pure angst for the White House; everyone but the president himself.

60 Minutes’ official Twitter account publicly called out the President’s answers with an embarrassing statement that his own administration was in disagreement with him:

“President Biden tells 60 Minutes that U.S. men and women would defend Taiwan in the vent of a Chinese invasion. However, after our interview, a White House official told us that U.S. policy on Taiwan has not changed.”

CBS’ Scott Pelley also discussed inflation; an issue drastically affecting the welfare and wellbeing of families. Biden deflected with zero sympathy:

As for President Biden’s son Joe, he is sticking with the narrative that Hunter is the “smartest” person he knows and that “there’s not a single thing that I’ve observed at all that would affect me or the United States relative to my son Hunter.”

Biden also said that while the “proof of the pudding is in the eating” in response to being asked if he is fit to be President, Biden did not commit to saying whether or not he will run for re-election. His “intention” is to run again, “but that’s just intention” he said. “Is it a firm decision that I run again? That remains to be seen.”

 

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