Since President Joe Biden took office, prices have increased by almost 19 % across the board, which means homeowners are experiencing sticker shock even though the inflation rate has remained stable in recent months.
Prices, as tracked by the consumer price index, rose to 3.5 % for the year ending in March, the Bureau of Labor Statistics reported Wednesday. Overall, the index is up 18.9 % since January of 2021.
Over the past three years, inflation has torn through the economy, peaking at a 9 % annual rate in June 2022, and consumers have expressed dissatisfaction.
Energy prices have increased by more than 29 % since Biden took office, compared to only 5 % in the previous year, and piped petrol has increased by nearly 30 %, making utility bills more costly, according to the CPI.
Household items and food items have also seen a significant cost increase. Meat, poultry, fish, and hens are up 21.4 %, while fruits and vegetables today cost 14.4 % more than in January 2021. Because they are frequently encountered at the food store, the community is especially vulnerable to costs.
Many people were adopted dogs and cats during the pandemic, and presently citizens are finding it more costly to care for those pets because pet food prices have increased by 23.7 %. People are currently paying over 20 % more on their monthly rent than they did before Biden, and the price of everything has increased by nearly 10 % in the last three years or so.
Republicans have attributed a large portion of the prices to Biden and Democrats, who spearheaded a substantial$ 1.9 trillion epidemic spending bill at the start of Biden’s presidency. They contend that the Federal Reserve’s lower rates and the soaring trigger spending have stifled growth and fueled inflation.
Democrats, though, notice that previous President Donald Trump even enacted major COVID- 19- period stimulus legislation.
Additionally, supply chain issues that were brought on by the sleeping of pandemic-related closures were at least partially to blame for inflation.
” The Biden administration’s starting point]was ] influenced by COVID”, said Brian Marks, executive director of the University of New Haven’s Entrepreneurship and Innovation Program.
Russia’s invasion of Ukraine in early 2022 also added to prices by driving up fuel costs.
However, some voters blame Trump for the higher costs. The polls on the subject show this to be true. A recent CNBC , survey , found that , Biden’s economic , approval , numbers are only at 37 %, although that is still up from 33 % in December.
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Peter Loge, chairman of the George Washington University School of Media and Public Affairs, said in an interview about the Fed and the upcoming election that Biden finds it difficult to understand as the year draws to a close. Current inflation reports, while well below the 2022 mountains, have come in a bit hotter than expected, an unexpected growth for the Biden plan.
” An former president never gets good news when inflation is high.” You know, you want rates coming down and work going up”, he told the Washington Examiner. It naturally makes President Biden’s plan a little hard than it usually might be.
