The unexpected rise in inflation gives former President Trump more ammunition to fire against President Biden in a rematch in the 2024 election.
President Trump took aim at Biden after the Labor Department reported Wednesday that the Consumer Price Index, a broad measure of daily necessities such as gasoline and groceries and rent, rose 0.4% in March.
In a post on his social media platform, the former president emphasized that “inflation is back and with more fury!”
An hour later, arriving in Atlanta, Georgia, for the first of two campaign fundraising events, Trump told reporters, “Biden has completely lost control of inflation. “It’s back. It’s rampaging again.”
Why is inflation accelerating faster than expected?
Former President Trump gives a speech upon arriving at Hartsfield-Jackson Atlanta International Airport in Georgia on April 10, 2024. (Reuters/Alyssa Poynter)
The consumer price index was higher than the 0.3% that many economists had expected. Gasoline, rent, and auto insurance were all factors that pushed up the overall inflation rate.
The monthly rate pushed the year-on-year increase in inflation to 3.5%, which was also slightly higher than expected.
The index has exceeded expectations almost every month since last fall, which is unwelcome news for a president seeking re-election.
What voters in battleground states told Fox News about the economy
Economic growth, as measured by gross domestic product (GDP), has remained steady during Biden’s tenure in the White House, with new jobs surging and unemployment remaining low.
However, high prices have dealt a political blow to the president, hindering his evaluation of the economy, which is the primary concern of American voters.
President Biden speaks at the Washoe Democratic Party office in Reno, Nevada, March 19, 2024. (AP Photo/Jacqueline Martin)
Although recent polls show that consumer confidence is starting to rise, the president’s approval ratings for his handling of the economy remain low. And surveys also show that many Americans have fond memories of the economic situation during the Trump era.
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“I am calling on businesses, including grocery retailers, to use their record profits to lower prices,” the president said in a statement after the inflation report was released.
“Republicans in Congress want to cut taxes for billionaires and big corporations, but they want to help special interests and big drug companies raise prices, and I won’t let them,” Biden said.
The president has repeatedly blamed big business and Congressional Republicans for persistently high prices.
The stock market did not appreciate the inflation report, and major indexes fell across the board. Analysts predicted that the report would delay the U.S. Federal Reserve’s move to cut interest rates.
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