Inflation continues to worsen and because of the rise in inflation showing no signs of slowing down, the Federal Reserve is planning another rate hike this month as inflation reaches another 40-year high.
In only a year, prices have risen by 9.1 percent, up from 8.6 percent, which is the largest gain since 1981 according to data from the Labor Department’s Consumer Price Index – a number .3 percent higher than expected by economists who were surveyed by Bloomberg.
In an effort to curb inflation, the Fed is raising interest rates by .75 percent for a second month in a row.
The price increases and staggering inflation is being blamed on the war between Russia and Ukraine, and while that may have contributed, it is not the main cause – that credit belongs to President Joe Biden and Congress who have been spending like maniacs since the beginning of the pandemic, worsening once Biden implemented his ridiculous, country-breaking policies.
Gasoline prices continue to hurt Americans at the pump, after prices climbed again another 11.2 percent from a month ago.
Unsurprisingly, grocery prices have also climbed once again by 1 percent – a total of 12.2 percent over the last year, a combination of freight costs going up due to oil price increase and supply chain issues.
Imports of wheat and corn have been impacted most by the disruption in the Black Sea, as Russia has stopped all exports from Ukraine, one of the major wheat and grain producers in the world after Russia.
The prices, however, are only a culmination of bad decisions and typical Democrat corruption and mismanagement and from the first day in office, Joe Biden made sure he shut down the oil industry and it has been a slow death since then.
Another stimulus check was also given out to Americans under Biden, adding billions unnecessarily to an already bloated debt.
Some prices have fallen, including bacon, beef and veal, but with mysterious fires breaking out across the country and livestock suddenly falling dead for no apparent reason, prices may not stay on the cheaper side for long.
Economist from Wells Fargo Sam Bullard, thinks commodity prices will fall due to consumer demand diminishing, resulting in a more moderate food price increase over the next few months but Pooja Sriram, an economist from Barclays, disagrees.
Sriram has said that prices will continue to increase for food as fertilizer for farmers continues to increase, partly a result of sanctions being put on Russia by the United States – Russia being the leading exporter of fertilizer.
It is not only commodities that are causing Americans headaches, rent prices have shot up over 5.8 percent over the past year alone and since the Fed is planning on raising interest rates – homeowners are also about to feel the pinch.
