Things are not looking good at all for the Biden economy.
The inflation rate in December was the highest it had been in 40 years at a whopping 7% as we reported last month:
But now, the new numbers from the Bureau of Labor Statistics have revealed that Consumer Price Index continues to skyrocket, now reaching a 7.5% over the past 12 months.
From the Daily Caller:
The Consumer Price Index (CPI) increased 0.6% in January, bringing the key inflation indicator's year-over-year increase to 7.5%, the U.S. Bureau of Labor Statistics (BLS) reported.
The CPI remained at its near four-decade high throughout January, growing 7.5% on a year-over-year basis, the BLS reported Wednesday. Economists surveyed by The Wall Street Journal projected the index would rise around 7.2%.
More bad news, it's also the biggest year-over-year increase since 1982.
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Continued inflation challenges the Fed as it attempts to combat soaring prices without halting economic growth, the WSJ reported.
"This is not encouraging news for the Fed in the battle to get inflation heading back towards the 2% target," James Knightley, chief international economist at ING, told the WSJ. "Rate hikes will do nothing to resolve supply chain strains and worker shortages, but they can contribute to taking some of the steam out of the economy and allow demand and supply to start moving toward a better balance at the expense of weaker growth."
Here's a helpful graph from Axios showing just how bad things are trending:
Soooo, it looks like the economy might be in uncontrollable death spiral of inflation if we stay on the same path.
But hey, at least we don't have mean tweets any more!
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