“Making Money” host Charles Payne claimed that inflation hasn’t gone down at all while President Biden has been in office.
Inflation has emerged as one of the most stubborn political issues in President Biden’s re-election campaign, hitting a grim new milestone in inflation this week, dealing a blow to the White House.
The consumer price index, which comprehensively measures the prices of daily necessities such as gasoline, food, and rent, rose 3.4% in April, down slightly from March. But the report released last week also showed that prices have increased by more than 19.4% since Biden took office in 2021.
In a statement released after the data came out, Biden pointed out “Inflation has fallen more than 60% from its peak, with core inflation falling to its lowest level in three years.” But he acknowledged that “prices remain too high” and reiterated that fighting inflation is “the economy’s top priority.”
Inflation rate rose 3.4% in April as prices continued to rise
Inflation has fallen significantly from its peak of 9.1% in June 2022, but remains well above the Federal Reserve’s 2% target. Moreover, progress in reducing overall costs for Americans has largely stalled.
High inflation is putting severe economic pressure on most American households, forcing them to pay for necessities like food and rent. Grocery prices have increased more than 21% since the beginning of 2021, and shelter costs have increased by 18.37%, according to FOX Business calculations. Meanwhile, energy prices have increased by 38.4%.
Why are groceries still so expensive?
Shoppers walk through a grocery store on July 12, 2023 in Miami, Florida. ((Photo by: Joe Radle/Getty Images)/Getty Images)
Rising prices are especially devastating for low-income Americans. This is because they tend to spend more of their already stretched salaries on necessities, and therefore have less flexibility in their lives. save money.
The typical U.S. household had to pay $227 more per month in March to buy the same goods and services as a year ago, as inflation remains high. Americans are paying, on average, $784 more each month than they did during the same period two years ago, and $1,069 more than they did three years ago.
The latest survey results were released amid growing pessimism among American households about their financial situation under the Biden administration.
A recent Gallup poll found that only 38% of voters trust President Biden to recommend or do the right thing for the economy. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images/Getty Images)
A recent poll released by Gallup found that Americans are less optimistic about the current state of the country. us economy Only 38% of voters have confidence that Biden will recommend or do the right thing for the economy. By comparison, in 2020, about 47% of respondents said they trusted former President Donald Trump to do what was right for the economy.
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“Biden’s below-average ratings could have a significant impact on the election. His economic ratings are the lowest of any president seeking re-election since Gallup began tracking them in 2001.” rather, independents trust Biden’s opponent more than they do,” Gallup said.
