Joe Biden has been claiming that inflation is going down. For example, earlier this month, after the release of the January CPI report, he insisted, “Inflation in America is continuing to come down, which is good news for families and businesses across the country.”
Well, he was wrong. Despite predictions that inflation was going away, prices surged in January, according to the personal consumption expenditure (PCE) price index, which jumped 0.6% in January over the previous month. December’s monthly inflation rate was also revised upward from 0.1% to 0.2%. December’s year-to-year inflation increase was also revised up from 5% to 5.3%.
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“Economists had expected a much milder increase,” reports Breitbart News. “The median forecast was for a 0.4 percent price increase month-to-month and a 4.9 percent increase for the year.”
Compared with a year ago, prices for goods are up 4.7 percent and prices for services have risen 5.7 percent. Food prices have soared, rising 11.1 percent, and energy prices increased 9.6 percent.
These new numbers tell us that inflation has accelerated, not slowed down, and that economists “have been underestimating the strength of inflationary pressures in the economy.”
