In what is being described as a setback for the American economy, Bidenomics – Joe Biden’s strategy for national financial health – has allowed inflation to begin ticking back up.
It was 3.2% in July, according to new data.
The Washington Examiner reported the abrupt turnaround from several months of declining numbers was confirmed by the Bureau of Labor Statistics.
It was under Joe Biden that inflation exploded from the 2%-3% range he inherited to more than 9% during last summer. And those numbers have not gone back down, meaning the July inflation was on top of that surge in prices Biden allowed earlier.
The report said, “The Federal Reserve has been hiking interest rates for more than a year and had seen success in meaningfully bringing down inflation since the tightening cycle began in earnest last March. The central bank’s target rate is now 5.25% to 5.50%, with the most recent rate hike, and perhaps its last, coming last month.”
Further, “core inflation” which excludes the numbers for food and energy, which change more dramatically, rose to 4.7% in the year ending in July.
Americans have been pummeled by increasing costs for ordinary living expenses since Biden took office, and Republicans have been using the economic failures under Biden to campaign against Democrats.
Biden, in fact, has been instrumental in multiple massive spending programs, plus the tens of billions of dollars he’s insisted on sending to Ukraine.
The report said, “The Fed has raised rates by an aggressive degree over the past 17 months, at times conducting rate revisions three times the size of the typical increase.”
Directly impacting consumers have been rising mortgage rates, make housing less affordable, massive hikes in energy costs like gasoline for $5 a gallon in many places and, of course, surging food costs. Inflation under Biden means families are paying thousands of dollars this year more than before for exactly the same lifestyle.
This article was originally published by the WND News Center.
This post originally appeared on WND News Center.