Consumer prices spiked in May, dashing hopes after inflation moderated somewhat in April.
Instead, the May Bureau of Labor Statistics’ latest Consumer Price Index (CPI) showed a year-over-year increase of 8.6%, the highest since December 1981.
CNBC’s Rick Santelli, seen by many as the father of the Tea Party, was unsparing in his criticism.
WATCH:
Economists were expecting an 8.3% gain.
Skyrocketing gas, grocery and rent prices drove the disappointing numbers. CNBC noted the cost of fuel oil is up over 106% in the past 12 months.
The latest CPI report also showed real wages declined 0.6% between April and May, equivalent to a 3% annual drop.
CNBC further reports:
Shelter costs, which account for about a one-third weighting on the CPI, rose 0.6% for the month, the fastest one-month gain since March 2004. The 5.5% 12-month gain is the most since February 1991.
Finally, food costs climbed another 1.2% in May, bringing the year-over-year gain to 10.1%.
Those escalating prices meant workers took another pay cut during the month. Real wages when accounting for inflation fell 0.6% in April, even though average hourly earnings rose 0.3%. On a 12-month basis, real average hourly earnings were down 3%.
Markets reacted negatively to the report, with stock futures indicating a sharply lower open on Wall Street and government bond yields rising.
READ NEXT: Responding to Biden’s Toothless Inflation Plan >>
Patrick Houck is an avid political enthusiast based out of the Washington, D.C., metro area. His expertise is in campaigns and the use of targeted messaging to persuade voters. When not combing through the latest news, you can find him enjoying the company of family and friends or pursuing his love of photography.
Democrats want you to mask up for the virus protection spread of monket pox? Is this not a joke? This could be what sent white house staff fleeing, Bidens “Blaxit.”public engagement aide Carissa Smith, gender policy aide Kalisha Dessources Figures, National Security Council senior director Linda Etim, digital engagement director Cameron Trimble, associate counsel Funmi Olorunnipa Badejo, chief of staff Ron Klain advisers Elizabeth Wilkins and Niyat Mulugheta, press assistant Natalie Austin, National Economic Council aides Joelle Gamble and Connor Maxwell, and presidential personnel aides Danielle Okai, Reggie Greer and Rayshawn Dyson have all departed too. Deputy White House counsel Danielle Conley and Council of Economic Advisers aide Saharra Griffin are among others planning to leave in the coming weeks, according to White House officials. Twenty one departures and more on the horizon.What is causing this mass black exit of White House personal? No one left to clean up or translate the bidens comments? Overworked with all joe’s press conferences? Unusual scents from mask being removed? Not being able to find joe’s secret stage room? All the talk about the democrat part reawakening the KKK? Since biden refuses to talk to the press and answer real questions one can only wonder
Let’s Go Brandon
This is why the Jan. 6 meetings won’t move the needle much or at all. Trump is a mentally ill, wannabe autocrat, but he’s not in power. At least not now. Swing voters don’t like him personally, but the Democrats aren’t doing anything to address the kitchen table issues that matter to the average American voter…
As long as that continues, they’re going to lose in November.
Sadly I have to agree with you, this country is on a downward slide and will crash and burn unless we can purge all those left wing democrats from our government. Of course that’s their plan, destroy our constitutional republic and install their version of a socialist government. This January 6th dog and pony show they’re putting on is pure politics to try and con the voters into keep them in power come November.
INFLATION ALERT!
America’s run-away inflation and debt is impossible under a biblical government established upon the Bible’s moral law, including its economic and taxing statutes.
Under such a government there would furthermore be no graduated income tax, no property tax, no sales tax, nor any of the other sundry unbiblical taxes.
Additionally, there would be no Federal Reserve, nor its mistress today’s usurious fiat banking system, nor its enforcement arm the Internal Revenue Service.
The prosperity under such a government is best depicted by the Apostle Paul in his epistle to the Ephesians:
“Now unto him that is able to do exceeding abundantly above all that we ask or think….” (Ephesians 3:20)
For more on how the Bible’s integral triune moral law (the Ten Commandments and their respective statutes and judgments) applies and should be implemented today as the law of the land, see free online book “Law and Kingdom: Their Relevance Under the New Covenant” at https://www.bibleversusconstitution.ORG/law-kingdomFrame.html
See also Chapter 25 “Amendment 16: Graduated Income Tax vs. Flat Increase Tax” of free online book “Bible Law vs. the United States Constitution: The Christian Perspective” at https://www.bibleversusconstitution.ORG/BlvcOnline/blvc-index.html
Slow Joe turns my stomach he’s got us so screwed up. What’s more disturbing is the demtards just go along with it knowing just how wrong this regime is
THIS is what Biden voters said they wanted and voted for. They got what they wanted, the rest of us got ……!
Mr president get our gas prices down and fix the economy or else our country is going down the drain and we will all be poor
Quid Pro Joe is a liar and a traitor!
My major concern among many is: who are the 32% who think he is doing a good job? What does that tell you about their integrity and understanding of how he is destroying our nation.
Gas near 6.90 for Premium, Unocal So CA