On September 13, the Bureau of Labor Statistics released the latest Consumer Price Index (CPI) report, which showed inflation increased by 0.1 percent in August.
While this may seem like good news, it is far from it.
Over the past 12 months, the rate of inflation remains at an astronomical 8.3 percent. For context, the last time the rate of inflation hovered this high for this long, Jimmy Carter was in the Oval Office and the Soviet Union was in Afghanistan.
Specifically, “Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase.” And, “The index for all items less food and energy rose 0.6 percent in August, a larger increase than in July. The indexes for shelter, medical care, household furnishings and operations, new vehicles, motor vehicle insurance, and education were among those that increased over the month.”
In other words, the August CPI report was more bad news for Americans who are continuing to struggle to make ends meet due to the Biden administration’s profligate spending.
However, despite this decidedly poor report, President Biden wants Americans to believe “progress” is being made when it comes to