Biden cheers latest inflation numbers as Shoppers punished by Soaring Prices

Biden cheers latest inflation numbers as Shoppers punished by Soaring Prices

NEW YORK POST

No, you’re not imagining it — the price of just about everything in your life is getting more expensive.

President Joe Biden this week spun the latest inflation numbers as good news for Bidenomics — cheering that October’s Consumer Price Index climbed a slightly less-than-expected 3.2% from last year. 

But it’s cold comfort to consumers who are still getting socked by stratospheric prices for everything — from their groceries to the rent to the car they drive and the gas in its tank.

Indeed, compared to October 2020, when the US was under a COVID-induced lockdown, prices are up a blistering 18.2%.

According to data from the US Inflation Calculator, which tracks changes in the price of basic food staples based on the monthly CPI, the price of a dozen grade-A eggs rose a whopping 47% over the past three years, to $2.07 from $1.41.

Coffee was also among inflation’s most hopped-up pantry items, with a pound of ground beans surging to $6.18 on average, up from $4.52 in October 2020, the price-gathering service showed.

Though inflation has been cooling, grocery prices haven't experienced the same cool-down. From October 2020 to October 2023, eggs, milk and cheese experienced a 66-cent, 55-cent and 27-cent increase, respectively, according to the US Inflation Calculator.

Though inflation has been cooling, grocery prices haven’t experienced the same cool-down. From October 2020 to October 2023, eggs, milk and cheese experienced a 66-cent, 55-cent and 27-cent increase, respectively, according to the US Inflation Calculator.  AP

Other staples that rose roughly 33% from October 2020 to October 2023: White bread, which is up 50 cents to $2, as well as potato chips and chocolate chip cookies, both up over $1. The price of ground chuck, bacon, sirloin steak and chicken were also up more than 22%.

“I wouldn’t count on prices broadly declining,” Moody’s chief economist Mark Zandi told The Post when asked about the future of grocery prices.

High prices continue to squeeze consumers from all sides, including housing, where rent has surged more than 20% during the past three years.

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Meanwhile, President Joe Biden has been pushing his Bidenomics agenda that has consistently claimed to “reduce the [government’s] deficit” despite recently-released Treasury data showing the red ink has doubled over the past year….

….from about $1 trillion to $2 trillion (yes, with a “T”).

CONTINUE READING…

Header featured image (edited) credit: Biden/(AP Photo/Alex Brandon)

Emphasis added by (TLB)

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