Gas prices at the Pilot Travel Center in Cayce are at a yearly high October 14th.
Since Joe Biden and the Democrat Party have come into office inflation has skyrocketed. Since January this year the cost of living has increased dramatically and the end is nowhere is sight.
All energy prices have increased from a year ago. Compared to levels reported in August and September gas prices surged 42.1% this year with a big rise at the pump. Earlier this year Biden was quick to shut down domestic energy production when he first entered the oval office. That shutdown led to US dependence on foreign oil and gas. In addition to energy dependence on foreign nations the pipeline shutdown led to the killing of approximately 50,000 higher income jobs for oil and gas workers. And winter is on the way with the US government forecasting heating bills to rise as much as 54%, and a colder winter than last year forecast.
Prices for food also jumped across the board in almost every category. Chief strategist at Principal Global Investors, Seema Shah, was quoted by Reuters as saying “Today’s number, with food price inflation and shelter inflation moving higher, suggests growing pressure on consumers.” She said further “Keep in mind too that the recent rise in oil prices hasn’t yet fed through to the numbers – that’s still to come, while the renewed rise in car prices is also likely to drive inflation numbers higher in the coming months.”
Director of Senior Initiatives at FreedomWorks Foundation, Clara Del Villar, commenting on the rising rate of inflation said that “Sadly, the poor and middle-class are impacted most when inflation surges because prices rise faster than income. As the dollar’s purchasing power is decreased among a growing population, people buy less goods and economic growth can stagnate.”
Consumers are taking it on the chin at the pump!
In the headline monthly figure, U.S. consumer prices advanced 0.4% in September after rising 0.3% in August, the Labor Department said in its monthly report on the Consumer Price Index (CPI). The CPI is a broad measure of what Americans pay for everyday items ranging from clothing to cars. As recently as June, the 12-month level reached 0.9% for the biggest 1-month increase since June 2008.
“The indexes for food and shelter rose in September and together contributed more than half of the monthly all items seasonally adjusted increase,” the Labor Department’s monthly report said.
Key Consumer Categories:
Gas price increases were slowed in September to 1.2% from 2.8% in August. They surged 42.1% year-over-year.
The broader index for energy, which combines items like gasoline, electricity and fuel oil, rose 1.3% in the month compared to 2.0% previously. Energy prices soared 24.8% in the past 12 months.
Prices for food grew 0.9% from 0.4%. Food prices advanced 4.6% year-over-year.
Excluding the more volatile food and energy components, core consumer prices rose 0.2% in September after climbing 0.1% in August. Still, in contrast, both represent small gains compared to matching increases of 0.9% in April and June — the highest levels since April 1982.
The Bureau of Labor Statistics monitors the prices of about 80,000 consumer goods and services from around the nation. All monthly and annual pricing changes are in percentages.
Key Consumer Product Prices Are Up for the Year:
- Gas prices have surged 42.1%
- Fuel Oil is up 42.6%
- Electricity is up 5.2%
- Other fuels up 27.6%
- Meats are up 10.5%
- Bacon is up 19.3%
- Eggs are up 12.6%
- Chicken is up 7.6%
- Shoes are up 6.5%
- Dresses are up 9.5%
- Furniture is up 11.2%
- TV’s are up 12.7%
- Computers are up 8.5%
- Used cars and trucks are up 24.4%
- Rental cars are up 42.9%
For those who have to put gas in their truck the tab may be even higher.
“Along with the index for shelter, the indexes for new vehicles, household furnishings and operations, and motor vehicle insurance also rose in September. The indexes for airline fares, apparel, and used cars and trucks all declined over the month,” the report noted.
Shelter or housing costs for the month picked up 0.4% from 0.2%, and they rose 3.2% from a year earlier. Components of shelter include pricing items like rent for apartments, rental equivalence, lodging away from home such as hotels and motels, and housing at schools. The index accounts for about one-third of the entire CPI.
New vehicle prices advanced 1.3% from 1.2% previously and jumped 8.7% from a year earlier.
Airline fares dropped 6.4% over the month after sinking 9.1% in the prior month.
Used car and truck prices declined 0.7% in September after sliding 1.5% in August. August was their first monthly decline February. After February, they marked successive monthly increases of 0.5%; 10%; 7.3%; 10.5%; and 0.2%. Of note, they are 24.4% higher than a year ago.
Clothing prices fell 1.1% over the month after increasing 0.4% in the previous month, but they are up 3.4% from a year earlier.
In the headline annual figure, inflation in the United States rose 5.4% in the 12 months ended September against 5.3% previously. At 5.4% also in the annual periods ending June and July, the inflation rate is the highest since August 2008 when oil topped $150 a barrel.
Core inflation rose 4.0% over the past 12 months, and for a second straight time. Just in June, the 12-month core rate at 4.5% was the highest since November 1991. The core, “all items less food and energy” index is one of the benchmark inflation rates monitored by the Federal Open Market Committee (FOMC) as it helps the central bank decide where to set its key interest rate.
Inflation and rising prices typically means consumers have less expendable money in their pocket due to greater cost of basic goods. This equates to a pay cut for most people. An inflation pay cut along with draconian and tyrannical ‘stay at home’ mandates and ‘take a jab or lose your job’ mandates by Democrat governors and Joe Biden himself are creating an unstable country and very angry people. Top that off with underlying angst and voter distrust over unsettled election issues from last November where a majority of the voting populace think that the election was stolen and we have a situation in America that is volatile.
Michael Reed is Editor and Publisher of The Standard newspaper, print and online, and TheStandardSC YouTube channel where many video reports may be found. Please share freely and donate to The Standard on this page to assure the continued availability of news that is ignored too often by the dominant media.
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