Under President Joe Biden’s watch, inflation surged 8.5 percent since March of 2021 in the largest 12-month increase since December 1981.
Gas prices alone rose 18.3 percent compared to March of last year. And overall energy costs for fuel, electricity, and utility gas have increased 32 percent over the same time period.
Americans’ pocketbooks are also taking a hit at the grocery store as food prices jumped 8.8 percent since March of 2021, the largest 12-month increase since the period ending May 1981.
In the last month, food costs have increased, with the largest price jumps occurring in fruits and vegetables as well as cereals and bakery products, which both rose 1.5 percent year-over-year following a 2.3 percent jump in February. Dairy costs for consumers also increased 1.2 percent, while meats, poultry, fish, and eggs increased by 1 percent.
Even non-food or energy product prices have skyrocketed under Biden. In the largest 12 month shift since August 1982, all items minus food and energy increased by 6.5 percent. This means that not only are Americans paying higher prices for fewer products or services, but they have to cover the cost with average hourly earnings that have dropped 2.7 percent and average weekly earnings that have decreased 3.6 percent since a year ago.
The White House, anticipating a bad report, tried to cushion the blow by blaming rising gas and food prices on Russia’s Vladimir Putin.
These price hikes only worsened after Congress passed Biden’s $1.9 trillion federal spending bill. As a result, inflation has outpaced wages for months and put a strain on Americans’ wallets.
Biden’s poor handling of the inflation crisis is not lost on voters who blame him and his policies for their pricey bills. New polling suggests a whopping 63 percent of U.S. voters say they disapprove of the president’s handling of the economy.