All posts tagged: inflation

American inflation hits 40-year high in September

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 …

Study: Americans $4,200 poorer since Biden became president

A study conducted by the Heritage Foundation has concluded that Americans are $4,200 poorer since Joe Biden was elected president in 2020, the New York Post reports. This is due to inflation and higher interest rates that resulted in living costs exceeding any wage increases over the past two years. The NY Post provides more details: Their analysis found that the average American has lost about $3,000 in annual purchasing power because consumer prices, which have risen 12.7% since January 2021, have spiked significantly faster the wages. Wages have risen just 8% over the same period, which has effectively resulted in a pay cut for Americans struggling to pay for daily necessities including food, gas and rent. Higher interest rates and borrowing costs have also reduced the average person’s purchasing power by another $1,200, according to the report. Simply put, working Americans are $4,200 poorer today than when Biden took office,” said EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis. READ: Americans have lost $4.2K in income …

Nearly half of Americans state inflation is causing financial hardship

According to a Gallup poll conducted in Nov 2021, 45% of Americans stated that the country’s inflation rate is causing ‘financial hardship.’ The Blaze noted that 10% of those surveyed said that inflation is having a ‘severe’ impact, meaning that they are struggling to maintain their current living standard. The survey also found that those on the lower end of the pay scale were the hardest hit, with 71% of those earning less than $40,000 annually reporting that inflation is becoming a problem, compared to only 29% for those earning over $100,000. The Blaze added that in October 2021, prices for consumer goods had increased by 6.2% compared to Oct 2020 and the UN’s Food and Agriculture Organization stated that in November, ‘commonly traded food commodities’ were 27.3% higher than in November 2020. READ: Nearly half of Americans say inflation has caused them ‘financial hardship’: Gallup A report this week also said that the country’s surging gas prices are having a significant impact on the poor. READ: Report: Surging Fuel Prices Hurt Poorer Americans the …