This article originally appeared on Fox Business on May 12, 2022.
Wednesday’s Consumer Price Index release serves as yet another stark reminder that inflation remains out of control. The CPI continued to barrel ahead rising 8.3 percent in April—a 40-year-high but for last month’s 8.5 percent increase. The Dow Jones estimate was for an 8.1 percent increase.
In yet another piece of bad economic news released on Thursday, the Produce Price Index increased by 11% in April – above expectations for a fall to 10.7%. The PPI reflects wholesale prices which, of course, eventually make their way to retail prices and consumers’ wallets.
In even worse news for American workers, real wage growth simply is not keeping up with inflation. As a direct consequence of President Joe Biden’s reckless economic policies, Americans are still facing overstretched budgets and lower real wages.
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