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Americans are facing the worst inflation rate in nearly 40 years, according to CNBC.
“Inflation hit another high in February, marking the worst numbers since 1982 for American consumers,” the report says.
This rate is measured by the Consumer Price Index, which sits at 7.9 percent. Watch the clip:
BREAKING: Inflation rose 7.9% in February, more than expected as price pressures intensified. https://t.co/aS5FsAACCk pic.twitter.com/bptLFwGY6h
— CNBC (@CNBC) March 10, 2022
Inflation effectively impacts Americans as a tax that particularly hurts the poor and middle class who are struggling to buy groceries, gas, and other basic necessities.
There is no clear indication that the inflation rate will decrease. Some experts say that inflation is expected to keep rising as Joe Biden and Democrats have called for more government spending.
High spending levels by the federal government are widely believed to be the cause of inflation.
Economist Milton Friedman famously said, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
👀"First it was transitory, then 'inflation is good.' Then we went to 'corporate greed.' Now we’re at Putin."
Rick Santelli absolutely hammering the Biden administration's ever-evolving excuses on #inflation: pic.twitter.com/9FoyfOrhYe
— John Cooper (@thejcoop) March 10, 2022
Many price increases are the **highest ever recorded** by @BLS_gov
Hotels +29%
Furniture +17.1
Chicken +13.2
New cars & trucks +12.4
Flooring +11.3
Lunchmeat +11
Dry clean +9.5%
Tools +8.7
Baby food +8.4
Full service restaurant +7.5
Pet supplies +7.5
Toys +6.7
Car repair +6.7— Heather Long (@byHeatherLong) March 10, 2022
Earlier this week the White House warned about a high number and said it was expected:
REPORTER: "I want to know what specifically the administration has done, they've been working on that has worked to bring down inflation."
PSAKI: "We don't have the data…we expect to see a high headline in inflation in tomorrow's February inflation data." pic.twitter.com/GlrQNDdUNe
— Townhall.com (@townhallcom) March 9, 2022
Biden administration officials have desperately tried to shift blame away from the White House and rebranded price increases this week, calling it the “Putin price hike.”
For months Putin has been saber-rattling, and for months gas prices have been going up – up 75 cents since he began his military build-up.
This is the #PutinPriceHike in action, and @POTUS is going to use every tool at his disposal to shield Americans from pain at the pump.
— Kate Bedingfield (@WHCommsDir) March 9, 2022
This week, the White House blamed Vladimir Putin for inflation.
This morning, new inflation numbers revealed the highest consumer prices since 1982, and even CNN admitted that these record numbers don't take Putin's invasion into account. pic.twitter.com/GM85vfYdGR
— Townhall.com (@townhallcom) March 10, 2022
