President Joe Biden got more bad news of the kind that even his administration’s behind-the-scenes meeting with media figures to try to get better coverage can’t help. Inflation is something that no amount of nonsensical talking by CNN and MSNBC reporters can sweep away because we all notice it.
There is nowhere for Biden to run and no nowhere to hide from this as the polling clearly shows. According to ABC, “The consumer price index, which measures the prices consumers pay for a market basket of everyday goods and services, jumped 0.8% last month after rising 0.9% in October, the Department of Labor reported Friday. Over the last 12 months, the index climbed some 6.8% before seasonal adjustment. This marks the largest 12-month increase in nearly 40 years.”
The US Bureau of Labor Statistics breaks down the grim numbers: “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in November on a seasonally adjusted basis after rising 0.9 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.8 percent before seasonal adjustment.
“The monthly all items seasonally adjusted increase was the result of broad increases in most component indexes, similar to last month. The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.
“The index for all items less food and energy rose 0.5 percent in November following a 0.6-percent increase in October. Along with shelter, used cars and trucks, and new vehicles, the indexes for household furnishings and operations, apparel, and airline fares were among those that increased.
“The indexes for motor vehicle insurance, recreation, and communication all declined in November. The all items index rose 6.8 percent for the 12 months ending October, the largest 12-month increase since the period ending June 1982. The index for all items less food and energy rose 4.9 percent over the last 12 months, while the energy index rose 33.3 percent over the last year, and the food index increased 6.1 percent.
But it is NPR that shows the real cost to Biden’s nightmare:
Mitchell’s shopping for about 60 restaurants he runs in cities across the country — from high-end steakhouses to Molly Woo’s Asian Bistro and El Segundo Mexican Kitchen.
Mitchell says his cost for ingredients has soared by about $9 million. As a result, he has been forced to raise menu prices three times this year.
“There’s not a restaurant out there today that can survive without taking the price increases,” Mitchell says. “I think people understand that. They see it in the grocery stores. They see it at the gas pumps.”
JUST IN – U.S. consumer price inflation jumps 6.8% year over year in November, the largest increase since 1982.— Disclose.tv (@disclosetv) December 10, 2021
BREAKING: Inflation has officially hit 6.8%.— Pomp 🌪 (@APompliano) December 10, 2021
This is the highest inflation in 40 years.
Inflation is at 6.8%, which means that a very large portion of US pension funds have achieved a negative real rate of return on their investment portfolio over the last 12 months.— Pomp 🌪 (@APompliano) December 10, 2021
Do not count on your pension for retirement. Educate yourself on investing.