INFLATION EXPLODES: Consumer Prices Skyrockets 7.5% Higher, Worst Inflation in 40 Years

After they stole the election, the Democrats declared asymmetric war on the American people. They are killing us. literally and figuratively.

So 39 percent of Americans approve of this? As well as skyrocketing crime, and a chaotic Southern boarder, and mask mandates, and the stability of the world in a freefall. Bull S***! Millions of Americans voted against President Trump, because the corrupt media elites told them to do so. Today, millions of Americans are paying the price. Literally.

Consumer Prices Explode 7.5% Higher, Worst Inflation in 40 Years

By Breitbart, February 10, 2022

U.S. consumer prices jumped by the most in nearly four decades as the new year started, sapping the savings of American families, diminishing the purchasing power of worker paychecks, and putting pressure on the Federal Reserve to hike interest rates beginning in March.

The consumer price index climbed 0.6 percent from a month before, the Department of Labor said Thursday. Compared with January of last year, consumer prices are up 7.5 percent.

Economists had expected prices to rise 0.4 percent on a monthly basis and 7.2 percent above a year ago’s prices.

CLICK HERE TO VIEW CUSUMER PRICE INDEX CHART #1 AND CHART #2

In December, consumer prices rose 0.6 percent compared with November. For the full year, prices were up seven percent in 2021, the worst annual inflation since 1982.

Excluding the volatile food and energy components, so-called core prices rose by 0.6 percent. The measure soared six percent from a year earlier. Both exceeded economist estimates.

Although many economists and anti-Trump journalists claimed President Donald Trump’s tariffs would raise prices, consumer prices remained low throughout his administration. Trump’s tariffs turned out not to be taxes on consumers. Instead, they were absorbed by Chinese producers and exporters and the profit margins of most large U.S. companies.

Inflation only began to accelerate last March after years of coming in below the Fed’s two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What’s more, the Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan. These combined to fuel demand for goods and services faster than supplies could expand, pushing up prices.

Federal Reserve chief Jerome Powell, following the advice of many of the economists on the central bank’s staff, initially claimed that inflation was due to transitory factors. Fed officials forecast that inflation would fall in the latter half of 2021, predicting that supply chains would swiftly unsnarl and a rebalancing of consumer demand from goods to services would relieve pricing pressure. The Biden administration, under the tutelage of former Fed chair and now Treasury Secretary Janet Yellen, largely followed suit and continued to press for even more spending.

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EDITORS NOTE: This Geller Report column is republished with permission. All rights reserved.

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