Wednesday’s new CPI figures were released. They came in at 8.3 percent. CNN
The Consumer Price Index was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday, slightly higher than economists had predicted. It was a decrease from the 8.5% recorded in March, which had been the highest level in more than 40 years.
Take a look at the spin coming from CNN (and many other legacy media).
For the first time since August, US inflation saw a pause last month. The pace of price increases was slower than usual in the previous months.
I’m not so sure I’d characterize 8.3 percent as “a breather.” I’m with Jim Geraghty on this:
Can you look at these numbers and really characterize it as “inflation took a breather”? https://t.co/0GQftRM4NI
— Jim Geraghty (@jimgeraghty) May 11, 2022
True, it’s not the 8.5 percent of March, but let’s take a look back over the current administration’s tenure, helpfully shared by Senator Ted Cruz’s Special Advisor for Communications, Steve Guest:
Since Biden’s election, year-overyear inflation:
2021:
Jan: 1.4%
Feb: 1.7%
March: 2.6%
April: 4.2%
May: 5.0%
June: 5.4%
July: 5.4%
Aug: 5.3%
Sept: 5.4%
Oct: 6.2%
Nov: 6.8%
Dec: 7.0%2022:
Jan: 7.5%
Feb: 7.9%
March: 8.5%
April: 8.3%#BidenInflationCrisis— Steve Guest (@SteveGuest) May 11, 2022
I’m also not sure that everyday Americans emptying out their wallets at the gas station and grocery store feel like they’re getting much of a breather. Yesterday, we reported that gas prices are at an all time high. In addition to critical shortages, even when staple items are available, they’re costing us significantly more.
Heather Long, Washington Post economist, provides an example:
Here’s where Americans are seeing big jumps in prices:
Gas +44% Year-to-Year
Airlines 33%
Eggs 23 %
2.3% Utility gas
Cars for sale 23%
Hotels: 23%
Bacon 18%
Chicken 15%
Milch 15%
Furniture 15 %
Coffee 14%
Beef 14%
Flour 14%
44% off on new cars
Fisch 13%
Electricity: 11%
Insurance for health 10%
Rent at 5%— Heather Long (@byHeatherLong) May 11, 2022
We’re not just seeing them — we’re feeling them. And President Biden’s “assurances” to the contrary, we most certainly are focused on what this administration is — and isn’t — doing in response.
I can assure you that the American people would. All are welcomeA breather. If the.25% reduction in the RateInflation could translate into an ongoing downward trend in coming months. That would be great. I am skeptical at the moment.
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