Inflation rose a jaw-dropping 6.2 percent in the 12 months that ended in October, the Bureau of Labor Statistics announced Wednesday.
That’s the biggest monthly increase in 30 years, according to CBS News — just in time for the holidays.
As Americans get ready for Thanksgiving grocery shopping and Christmas gift buying, they’re bound to see higher prices on items across the board.
While October saw the most significant increase of 2021 so far, inflation has been trending steadily upward this year.
The Biden administration likes to pretend this only affects the wealthy, but the highest price hikes clearly impact average Americans.
Fuel oil prices are up nearly 60 percent, gas is up nearly 50 percent and average food costs are up over 5 percent.
If you were thinking about buying meat any time soon, that might also cost you a pretty penny: Beef is up 20 percent, and pork is up 14 percent.
And there’s no end in sight.
“I think it’s almost certain to last for another six to nine months and could well last longer,” former Treasury Secretary Lawerence Summers said, according to CNN.
Have you seen higher prices while shopping?
Current Treasury Secretary Janet Yellen said the Federal Reserve may have to step in to keep inflation under control.
“Monetary policy would have a role to play if this turns out to be something that’s endemic,” Yellen said Tuesday, according to Fox Business.
The Wall Street Journal reported that the Fed is likely to raise interest rates next year because of the situation.
The recently passed $1 trillion infrastructure bill makes the outlook for inflation even more dire.
High levels of government spending could cause the dollar to lose value, raising prices even further. That’s Econ 101 stuff.
Although even some Republicans backed the infrastructure bill, it was a fiscally irresponsible move that came at the worst possible time.
President Joe Biden doesn’t have complete control over the economy, but he certainly hasn’t done it any favors. Fifty-seven percent of Americans disapprove of his performance on economic issues, according to NBC News.
People are already noticing their wallets take the heat. You’d better believe they’ll have that in mind when they go to the polls in 2022.