A month after US President Joe Biden signed the Inflation Reduction Act into law on Aug 16, 2022, America’s inflation rate hit another 40-year high in September.
It was a higher-than-expected increase.
The New York Post reports:
US inflation surged 8.2% in September — a steeper-than-expected increase as stubbornly high rent and food costs look poised to ensure another sharp Federal Reserve interest rate hike next month.
The September reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, showed a 0.4% increase compared to August — more than economists expected.
Core inflation, which excludes volatile food and gas prices, spiked 6.6% in September, up from 6.3% in August. The annual core increase was the largest of its kind since August 1982. On a monthly basis, core prices increased 0.6%.
READ: Inflation hits 8.2% in September — higher than expected — as rent, food prices soar
Economists were warning back in August that the Democrat’s Inflation Reduction Act would actually increase inflation not end it. You can’t stop inflation with more government spending, it’s like throwing gasoline on a house fire and expecting it to go out. READ: The Inflation Reduction Act will ramp up inflation, oppress Americans and make them sick and poor
In an effort to stop inflation, the US Federal Reserve has again increased interest rates driving up the price of housing for already cash-strapped American families. READ: Mortgage Interest Rates Today, October 7, 2022 | Rates Rise Again, Hitting 6.97% AND Federal Reserve raises key interest rate by 0.75% in inflation fight