Biden’s economy continues to get worse.
US inflation just hit a 30-year-high.
Over the past 12 months, prices have risen 6.2%.
US inflation reached a 30-year high in October as rising energy costs, supply shortages and increased consumer demand drove up prices.
Over the past 12 months prices have risen 6.2%, according to a labor department report released on Wednesday. Inflation increased by 0.9% in October, faster than September’s 0.4% and above economists’ expectations.
The news comes as the Biden administration and the Federal Reserve have tried to downplay rising costs, arguing they are a temporary phenomena driven by Covid-19’s unprecedented impact on the global supply chain.
Part of the latest surge in prices was down to factors that may prove short-lived, economics forecaster Capital Economics wrote in a note to investors. US fuel prices surged in October but have since begun to fall and shortages of microprocessors and other parts are still contributing to a lack of inventory for car sellers that is driving up prices.
But Capital Economics also warned it was difficult to tell when these inflationary pressures would stabilize. “The bottom line is that, while it remains difficult to predict how far or for how long the various ‘transitory’ factors will boost inflation, there is increasing evidence that inflationary pressures are broadening out, underlining that inflation will remain elevated for much longer than Fed officials expect,” they wrote.
Now, we have this.
Dem Senator Joe Manchin(D-WV) issued a warning saying that the record inflation was not “transitory.”
JUST IN – Democratic Senator Manchin: Threat posed by record inflation to the American people is not "transitory" and is instead getting worse.
— Disclose.tv (@disclosetv) November 10, 2021
JUST IN: By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. – Democratic Senator Joe Manchin
— Insider Paper (@TheInsiderPaper) November 10, 2021
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. You can help us beat Big Tech by following us on GETTR , Telegram, and Rumble.