Inflation is Still Alarmingly High As High Prices Continue to Pummel Americans

On May 15, 2024, the Bureau of Labor Statistics (BLS) published statistics indicating that the measure of the prices of everyday goods grew by 3.4% on a yearly basis in April. 

As far as Core CPI is concerned, which leaves out energy and food, was higher. It increased 3.6% year-over-year in April. 

Inflation technically peaked at 9% under President Joe Biden in June 2022. Thus far, inflation has not dipped below 3%, per official figures., 

The Federal Reserve pegged the federal funds rate to a range of 5.25% and 5.50% in an effort to stem inflation. This is the highest interest level in 23 years.

Gross domestic product growth has been sluggish in the first quarter of 2024, hovering at only 1.6%. In light of these numbers, there is increased speculation that the American economy is experiencing stagflation marked by sluggish economic growth and surging inflation.

Inflation appears to be a major political albatross for the Biden regime, with close to 49% of voters polled by the Financial Times and the University of Michigan’s Ross School of Business indicating that the president Joe Biden’s policies have done economic harm. Close to 80% of those polled cited inflation as a top 3 financial stressor. 

Inflation has become the norm in the American economy. And it’s the result of public policy — more specially, easy money policies. Until the US gets its economic house in order by abolishing central banking, introducing competing currencies, and downsizing the regulatory state, inflation will continue to hurt the American middle class and become a nasty fixture of the American political economy. 

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