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Inflation was “hotter than expected” in January, with prices rising 3.1 per cent year-on-year, while core inflation – which does not include food and energy costs – rose to 3.9 per cent year-on-year.
CNBC reported on the economic news noting that prices rose more than experts expected while reminding viewers that “inflation is not going away.”
Figures provided by the Bureau of Labor Statistics indicate that underlying inflationary pressures remain strong.
While the headline year-on-year inflation figure showed a slight decline compared to December, it represented a 0.3% increase for the month. Economists had expected a monthly increase of 0.2% and annual gains of 2.9%.
CNBC correspondent Steve Lessman pointed to sharp increases in medical costs, vehicle costs and food prices, calling the report “just a lousy month when it comes to inflation.”
“It's just been a lousy month when it comes to inflation,” says CNBC's Steve Lessman, noting “significant increases” in medical costs, vehicle costs and food prices.
“Real earnings also fell during the month.” pic.twitter.com/HVBJwv4ziN
– RNC Research (RNCResearch) February 13, 2024
RELATED: Fitness expert Jillian Michaels mocks Bill Maher for downplaying inflation: “Go buy some damn eggs!”
Inflation is hot, real wages are cold
Overall, prices have risen 17.9 percent since Biden took office — with electricity up 28.6 percent, food prices up 21 percent, and rent up 19.4 percent.
Only the necessities of life.
President Biden tried to focus your attention on the few Oreos or Doritos in your packages during the Super Bowl, blaming corporations for inflation. Now you know why. The White House has constantly tried to tell the American people that the cost of things is not as bad as they think.
Lessman's report also addresses another aspect of the economy that the Biden administration has focused on: real wages.
“Real profits also fell during the month,” he said.
Americans saw a 2.1 percent pay cut under Biden as real wages remained lower than when he took office and average real weekly earnings fell by 0.3 percent last month due to a decline in the average work week.
RELATED: MSNBC Guest: Americans should get used to inflation, low prices 'kind of a bad thing'
“Buy some damn eggs!”
The White House issued a statement in response to the “lousy” inflation report by changing targets and commenting on progress From its peak – which happened during the Biden presidency.
“While growth and employment remain strong, inflation has fallen by two-thirds from its peak, but we know there is still work to do to reduce costs,” they wrote.
However, polls currently show that two-thirds of Americans disapprove of Biden's handling of the economy.
Inflation news makes comedian Bill Maher's assertion that America has beaten inflation under President Biden and “conquered the pandemic economically” seem ridiculous.
His comment prompted fitness expert Jillian Michaels to respond: “Buy some damn eggs!”
US-based Jillian Michaels takes on the left-wing inflation propaganda led by Bill Maher
Maher: “We defeated the epidemic economically”
Michaels: “Inflation is crazy.”
Maher: Inflation is not crazy
Michaels: “Go buy a car. The house here has tripled in size. Buy some damn eggs.” pic.twitter.com/y8XBRV4PM6– Eric Abinante (@EricAbinante) February 12, 2024
The cost of eggs has risen 37.5% since President Biden took office. The price of chicken has risen 27% since January 2021. An in-person visit to the grocery store just yesterday showed that chicken for dinner costs close to the cost of a decent steak. It is noticeably high.
This report indicates that inflation remains a challenge for the economy, and could lead to the Federal Reserve continuing to raise interest rates to combat the issue.
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