By: Katie Pavlich
Inflation is soaring in the United States and at a higher rate than analysts predicted. In April 2021, the consumer price index saw a 4.3 percent jump, the fastest increase since 2008.
“Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday. The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, against the expected 0.2%,” CNBC reports. “Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%.
The report comes as the Biden Administration continues to push for $6 trillion in additional spending on a Green New Deal and welfare program dubbed as the “American Families Plan.”
Editorial Comment: The Democrats will not be happy until they bankrupt the country with their spending, which sets the stage for Socialism.