Inflation is a tax on ALL Americans, and it has skyrocketed under Joe Biden’s failed leadership: Elise Stefanik

 

BREAKING: U.S. inflation jumps to 7.5% year over year in January, a 40 year high. 

Biden’s policies are destroying the economy faster than anyone could have predicted.

Congresswoman and GOP leader Elise Stefanik said:

Inflation is going up faster than wages.

This is devastating for hardworking families.

Inflation is a tax on ALL Americans, and it has skyrocketed under Joe Biden’s failed leadership.

Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982

The inflation spike has been bad news for President Joe Biden, who has seen his approval rating tumble as consumer prices rise. The White House has blamed the price spike on supply-chain bottlenecks and other pandemic-induced disruptions in the economy, while Republicans have pinned it on the president's massive spending agenda and his energy policies targeting the oil and gas industries.

Inflation surged more than expected in January, notching another 4-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans.

The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.

Economists expected the index to show that prices surged 7.3% in January from the previous year and 0.5% on a monthly basis.

Inflation accelerates 7.5% in January, hitting a fresh 40-year high

Americans are paying more for just about everything.

Gas: +40% since last year 

Electricity: +10.7%

Bacon: +18.1%

Eggs: +13.1%

Chicken: +10.3%

Fresh Fish: +12.7%

Shoes: +6.1%

Dresses: +11.1%

Furniture: +17%

Used Cars & Trucks: +40.5% 

Car & Truck Rentals: +29.3%

Inflation is going up faster than wages.

This is devastating for hardworking families.

— Rep. Elise Stefanik (@RepStefanik) February 10, 2022

Watch The US consumer price inflation index hit 7.5%, the steepest annual increase since February 1982. CNN's Matt Egan reports.