Under President Joe Biden’s watch, inflation has risen 8.5 percent since March 2021, the largest 12-month gain since December 1981.
Gas prices alone rose by 18.3 percent compared to March of the previous year. And the total energy costs for fuel, electricity and useful gas have increased by 32 percent in the same period.
Americans’ wallets are also being hit at the grocery store, as grocery prices have risen 8.8 percent since March 2021, the largest 12-month rise since the period ended May 1981.
Grocery costs have risen over the last month, with the biggest price jumps in fruits and vegetables and grains and baked goods, both of which are up 1.5 percent year-on-year after rising 2.3 percent in February. Dairy costs to consumers also rose 1.2 percent, while meat, poultry, fish and eggs rose 1 percent.
Even non-food or energy product prices have skyrocketed under Biden. In the largest 12-month shift since August 1982, all items minus food and energy were up 6.5 percent. That means Americans are not only paying higher prices for fewer products or services, but they have to cover the cost with average hourly earnings that have fallen 2.7 percent in a year and average weekly earnings are down 3.6 percent.
The White House, expecting a bad report, tried to cushion the blow by blaming Russia’s Vladimir Putin for soaring gas and food prices.
“We must do more to lower costs for the American people.”
White House press secretary Jen Psaki said the White House expects the March CPI inflation report to be extraordinarily high because of Putin’s price hike. pic.twitter.com/MsImm8189U
— CBS News (@CBSNews) April 11, 2022
The truth is that since Biden took office in January 2021, the prices of gas, groceries, rent and other items have skyrocketed.
Those price hikes only got worse after Congress passed Biden’s $1.9 trillion federal spending bill. As a result, inflation has outpaced wages for months, straining Americans’ wallets.
Biden’s poor handling of the inflationary crisis is not lost on voters, who blame him and his policies for their expensive bills. New polls suggest a whopping 63 percent of US voters say they disapprove of the president’s handling of the economy.
Jordan Boyd is a staff writer at The Federalist and co-producer of The Federalist Radio Hour. Her work has also been featured on The Daily Wire and Fox News. Jordan graduated from Baylor University, where she majored in Political Science and minored in Journalism. Follow her on Twitter @jordangdavidson.