By Zachary Halaschak, Washington Times
Inflation clocked in worse than expected at 8.2% for the 12 months ending in September, according to the consumer price index, bad news for the country’s economic health.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Thursday revealed that while it ticked down by one-tenth of a percentage point, inflation is still higher than anticipated and defying the Federal Reserve’s aggressive interest rate hikes.
Worse, “core inflation,” which strips out volatile food and energy prices, rose sharply in September. On an annual basis, it rose to a whopping 6.6%, the highest since 1982.
The Thursday morning report is the last such CPI reading before the midterm elections next month and has major implications for Democrats hoping to retain control of Congress. The soaring inflation has eaten into President Joe Biden’s approval ratings.
Inflation is by far the No. 1 concern of Wisconsin voters, according to the latest Marquette University Law School poll, released Wednesday. The poll shows 93 percent of respondents said they are somewhat or very concerned about rising prices. Those numbers are reflected in the 35 percent of voters who say they are just getting by and 11 percent who say they are struggling.
|“Wisconsin voters are being crushed by this rampant inflation caused by the Biden administration and supported in lockstep by (Gov) Tony Evers and (Lt. Gov.) Mandela Barnes,” said Mark Jefferson, executive director of the Republican Party of Wisconsin.
Meanwhile, Biden’s Social Security Administration, just ahead of the latest CPI release, announced a Cost-of-Living Adjustment of 8.7% , the highest increase since 1981.
U.S. Rep. Bryan Steil (R-Janesville) said the increase won’t be enough to cover the pain that high prices have cost seniors.
“Retirees on fixed incomes are getting squeezed by inflation. Everything costs more for our seniors today than last year,” the 1st District congressman said. “We need to create an economy that is strong to get prices under control.”
Read more at the Washington Examiner.
Empower Wisconsin | Oct. 14, 2022