Inflation continued to rise in April according to the latest print of the Consumer Price Index (CPI) released Wednesday morning. Month-over-month, consumer prices increased 0.3 percent for an annual advance of 3.4 percent — still well above the Federal Reserve’s target of just 2.0 percent.
Core CPI inflation — which excludes food and energy — also increased 0.3 percent in April for a 3.6 percent year-over-year gain. According to the Bureau of Labor Statistics (BLS), the biggest price increases in April were seen in shelter, an index that also accounts for two-thirds of the annual increase in core CPI inflation. Gas prices also contributed to the monthly increase in costs. Before seasonal adjustment, gas prices surged 5.2 percent in April.
Since Biden took office in January 2021, average prices have risen 20 percent — but most goods and services broken out by specific item or industry have risen far more than that baseline average:
Budget Committee Chairman Jodey Arrington (R-TX) called the continuing trend of increasing inflation “very concerning, especially coupled with recent high interest rates and poor first-quarter economic output.”
“This report confirms that the grip of inflation won’t loosen anytime soon, even after 11 interest rate increases since March 2022,” Arrington added of the Fed’s hikes that brought interest rates to their highest level since early 2001.
“The massive amount of federal spending by President Biden and Democrats has made this inflationary firestorm difficult to contain,” he warned. Echoing Arrington’s concerns, Job Creators Network CEO Alfredo Ortiz noted the April CPI release is a “sad milestone” as “inflation under President Biden hit 20%.”
“As a result, ordinary Americans face a cost-of-living crisis and declining living standards, with price increases outpacing wages,” Ortiz emphasized. “Many businesses don’t work in this inflationary environment,” he said pointing to Red Lobster’s looming bankruptcy. “For every Red Lobster, there are dozens of small businesses that can’t make the new numbers work. At a certain price point, consumers refuse to pay for goods and services.”
President Joe Biden, while simultaneously 1) claiming inflation is “coming down” (it isn’t) and his economic plans are working (they aren’t) and 2) blaming “greedy” corporations for rising prices, is attempting to again skirt blame for his damaging policies.
“A new Federal Reserve study concludes that inflation is not the byproduct of corporate greed, with business markups remaining flat during this inflationary period,” Ortiz noted, debunking Biden’s scapegoating. “The real reason for runaway prices is the Biden administration and congressional Democrats’ reckless government spending and anti-cheap energy policies.”
According to Ortiz, to actually reduce costs and truly build back better, “voters must elect policymakers this fall who will cut deficit spending and drill, baby drill.” Trump campaign Press Secretary Karoline Leavitt said Wednesday’s CPI report shows “Bidenomics is an unmitigated disaster” causing workers and families to “literally” pay the price “for Joe Biden’s failed economic policies.”
“Overall prices are up 20%, while real average weekly earnings are down 4.4% since Biden took office,” Leavitt emphasized. “The American people cannot afford four more years of Bidenomics.”
