Inflation climbed 7 percent over the last year, reaching its highest level in 40 years.
January 12, 2022
U.S. Inflation Hits Highest Level Since 1982
Inflation climbed 7 percent over the last year, reaching its highest level in 40 years, according to new numbers from the U.S. Bureau of Labor Statistics.
Wall Street Journal: “The Labor Department said the consumer-price index—which measures what consumers pay for goods and services—rose 7% in December from the same month a year ago, up from 6.8% in November. That was the fastest pace since 1982 and marked the third straight month in which inflation exceeded 6%.”
The cost of gas rose 49.6% over the course of 2021. Used car prices rose 37.3%, energy costs rose 29.3%, and food prices increased by 6.3% – the biggest increase since 2008.
Who suffers the most in all of this? Working-class families such as Pete and Sally McAllister.
Wall Street Journal: “Until recently, Pete and Sally McAllister grilled steak every Wednesday evening, but they recently switched to chicken chili because of the high cost of beef.
“‘The price we were paying [for filet mignon] went from about $12 a pound to over $25. As a result, we’ve cut those meals out of our diet,’ said Mr. McAllister, a 72-year-old retiree in Hilton Head, S.C. “The chicken and beans have been a good protein substitute for the beef.’
“He said he also has stopped adjusting the thermostat upward because of rising home-heating costs and is going out of his way to find cheaper gasoline.”
Bottom line: Despite the Biden administration’s claim that inflation would be temporary, hard-working Americans are still suffering under skyrocketing prices.