Inflation rates soared again in January, marking a new historic 40-year high.

Fox Business reports:

The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.

Economists expected to report the index showed that prices surged 7.3% in January from the previous year and .5% on a monthly basis.

So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.

“U.S. annual CPI is the highest since 1982, and what’s worse is that this likely isn’t the peak,” said Seema Shah, chief strategist at Principal Global Investors. “Higher-than-expected monthly gains in core CPI indicate continued underlying heat and will do nothing to relieve pressure on the Fed to tighten sharply and urgently.”

Rising inflation is eating away at strong wage gains that American workers have seen in recent months: Real average hourly earnings rose just 0.1% in January from the previous month, as the 0.6% inflation increase eroded the 0.7% total wage gain, according to the Labor Department. On an annual basis, real earnings actually declined 1.7% in January.

President Biden is desperate for good news as he continues to see his approval rating plummet. According to surveys, a majority of Americans mark the economy as their top factor when discussing who they may vote for in 2024.

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JOE BIDEN
JOE BIDEN
3 months ago

thanks joe. what a guy!

Rick
Rick
3 months ago

This is all intentional. Many in our government have joined up with Klaus Shuwab’s world economic forum and the NWO. You will eat ZBugs and ZWeeds, and you will own nothing and be happy says Klaus. Klaus says that Justin Trudeau and more than half of Canada’s cabinet are in with the globalist to take everything from you, so how many in the US government are in with it too? If we do not rise up now, the globalist tyrants will succeed and we and our children will be their slaves. The passports must not be allowed to happen. It is now or never people! Many of the liberals do not see the danger of what is happening. That is why the globalist tyrants play/use them to implement their evil plans.

Dinkus
Dinkus
3 months ago
Reply to  Rick

Don’t know much about what your paragraph is saying, but very believable. Does the virus fit in to reduce world population? In NWO are the “big” countries in charge, or just their leaders?

Jawad
Jawad
3 months ago
Reply to  Rick

And when der Klaus gets to Hell, he will eat nothing but bugs and weeds, own nothing but Satan’s servitude and be miserable.

MSG Leo
MSG Leo
3 months ago

O’Biden built that!

Bobby
Bobby
3 months ago

Impeach Joe Biden now all those politicians standing by and watching Joe’s destruction, impeach