Days after #bareshelvesBiden trended on Twitter in an attempt to call the Democrat White House’s attention to the nation’s ongoing supply chain crisis, inflation in the U.S. surged to 7 percent in December, the highest inflation rate since 1982.
According to the December consumer price index released by the Bureau of Labor Statistics on Wednesday, one of the most notable “contributors to the seasonally adjusted all items increase” was food, which saw a 0.5 percent increase compared to recent months, making Americans’ trips to bare-shelved grocery stores even tougher. Shelter and used vehicles were also named by the bureau as significant contributors to rising prices.
Since December 2020, the energy index climbed to 29.3 percent, food prices are 6.3 percent higher, and gasoline rose to 49.6 percent more than last year.
“The all items index rose 7.0 percent for the 12 months ending December, the largest 12-month increase since the period ending June 1982,” the U.S. Department of Labor stated.
Energy and gas prices fell in December compared to other months but the cost of all goods except food and energy rose 0.6 percent since November (during which month the country had already seen a 0.5 percent increase), and 5.5 percent compared to this time last year.
According to the Labor Department, this was “the largest 12-month change [in the all items less food and energy index] since the period ending February 1991.”
Biden told voters in June 2021 that “there’s nobody suggesting there’s unchecked inflation on the way — no serious economist,” but as 2022 begins, his reassurances that inflation won’t continue are false.
While the White House spins to take responsibility for the most recent weak and underperforming jobs reports, the Wall Street Journal noted that employers are having to pick up the financial slack caused by a depleted workforce and are projecting those costs on consumers.
“Wage increases are contributing increasingly to high inflation because they support higher spending, but also because they raise costs for businesses. Many companies plan to pass on higher labor and materials costs to consumers,” WSJ reported on Wednesday.