Inflation: Up, Up, And Away!
A lot can change in nine months. President Joe Biden replaced his dog with a cat, took a spill on his bicycle, and has taken weeks upon weeks of vacation since last December.
To the president’s chagrin, one thing that remains the same is the general trajectory of inflation. On December 10, 2021, Biden claimed that America was at “the peak” of the inflation crisis. At that point, year-over-year inflation was 6.8%. On Tuesday, the Consumer Price Index rose 8.3% between August 2021 and August 2022, according to a report from the Bureau of Labor Statistics. That is now the sixth straight month with year-over-year inflation above 8.2% and the ninth consecutive month with annual inflation higher than 6.8%. In other words, Biden was dead wrong that inflation was peaking.