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US Inflation Soars Over 7.5% in Biden’s First Year in Office…

As US inflation Soared over the past year, the labor department said Thursday that consumer prices had jumped 7.5% in the last year.

• 7.5% is the most significant increase in over three decades; America hasn’t seen this jump since 1982.

• The increase was felt throughout every economic sector from Gas to food and energy.

• Inflation rose 0.6% from December to January, that’s on top of the 0.7% increase from October to November.

• Supply chain bottlenecks and supply shortages are being blamed for the rise by Biden and the Democrats, but no word from them on the heavy doses of aid they gave out in the first six months of his administration 

• All signs now show that Inflation will not slow down anytime soon, and we can see it accelerate going into summer.

• As some wages rise to new levels in 20 years, Inflation wipes out any gains.

 – This is what GOP Senate leader Mitch McConnell said on the matter Thursday.

• BY THE NUMBERS

  • Apartment rental cost up 0.5%
  • Electricity jumped 4.2%
  • Furniture and supplies rose 1.6%
  • Food spiked 0.9%
  • New car prices went up 12.2%

• Many restaurants are feeling the pinch. Chipotle said its increased menu prices by 10% to offset the rising costs of beef and transportation as well as higher employee wages. Chipotle said they would continue to raise prices as Inflation takes its toll.

• Those pay gains could eventually force additional price hikes as companies seek to cover the costs of the higher wages.

• To offset Inflation, workers need to get a 10% pay raise to see any more money in their paychecks.

 

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