President Joe Biden claimed victory, saying, “it will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs, and energy.” He continued, “And my economic plan is showing that, as we bring prices down, we are creating good jobs and bringing manufacturing back to America.”
However, the Bureau of Labor Statistics’ Consumer Price Index rose one-tenth of a percentage point, with the CPI up 8.3 percent. These figures follow a 40-year high up 9.1 percent in June. The August figures are the highest since 1981.
September 15, 2022
These inflation numbers affect everything from buying food and providing shelter to purchasing new cars and other durable goods and services. The only exception to the sharp increase in gasoline prices which fell drastically compared to July.
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A necessary trip to the grocery store causes shoppers to see soaring prices. Prices of food at home rose 13.5 percent compared with last year. Eating out also costs more. Restaurant prices climbed 0.9 percent compared to the previous month and are up 8 percent from last year.
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The report claims gas prices fell 10.6 percent from the previous month, failing to note that the national average cost of gasoline was $2.38 per gallon when Biden took office and increased to $3.53 per gallon by the start of the Russian invasion. Prices rose above $5.00 per gallon in early June and are now down. However, the risk remains that gas prices could spike again later this year.
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Janet Yellen said, “This winter, the European Union will cease, for the most part, buying Russian oil. And in addition, they will ban the provision of services that enable Russia to ship oil by tanker. And it is possible that could cause a spike in oil prices.”
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Compared to 2021, used car prices are up 7.8 percent. New car prices leaped 0.8 percent in August and are up 10.1 percent compared to last year.
Shelter prices, including rentals and an estimate of home expenditures, are up 6.2 percent compared to 2021. Utility prices rose drastically, up 15.8 percent, and natural gas up 33 percent from last year.
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