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Inflation remained white-hot in September, coming in, at the wholesale level, at a higher-than-expected 8.5%, the federal Bureau of Labor Statistics confirmed on Wednesday.
That measurement had been 8.7% the month before, but it remained at 8.5% “still a bit higher than forecasters expected,” according to a report in the Washington Examiner.
Inflation, which is at a level unseen in decades, has been creating serious damage for low- and middle-class Americans whose costs to fill a car with gasoline have surged, under Joe Biden’s economic policies, to near triple digits.
Multiple analysts have concluded that Biden’s economy is costing families thousands of dollars a year more just to maintain the exact same lifestyle as they had two years ago under President Trump.
Further, the Federal Reserve has been alarmed by the inflation rates, and has been raising interest rates by large percentage numbers in its attempt to fight the rising prices. That further imposes injury to those who have any sort of credit card or other debt on which they are making payments.
The Examiner reported that on a month-to-month basis, “the producer price index grew by 0.4%, double forecast expectations.” Under President Trump, the inflation rate hovered in the 2% range.
The report noted, “Trends in producer prices eventually trickle down to households,” while explaining the inflation measurement peaked at 11.5% in April and was at 10% for most of the summer, so it has ticked down slightly from that period.
A statement from Oxford Economics noted, “September’s reading is a reminder that price pressures remain elevated and volatile, particularly for food and gas, given the ongoing war in Ukraine and ongoing supply chain disruptions.”
The report precedes by jut a day the Consumer Price Index Report, a more widely known and watched measurement that is assessed by many to be the key barometer of headline inflation in America.
Biden and Democrats have been hoping that that number declines, as they consider it a powerful influence on those who will vote in the midterm elections in just weeks, an election that will determine the power structure in Congress for the next two years.
Forecasters have suggested that number might come in at 8.1%, down slightly from the month before, although they also warn that “core inflation,” a measurement that does not include volatile food and energy expenss, will surge by at least two-tenths of a percentage point.
Fox News confirmed prices for “everyday necessities” were in September at a “multi-decade high.”
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