Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. Thursday’s CPI data is at a 40-year record and shows that inflation rose 0.8% month to month. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”
February’s CPI Data Jumps to 7.9%, US Stocks Suffer
In the U.S., there’s been a significant increase in the prices of goods and services in the American economy every single month. The purchasing power of Americans continues to decline when they borrow dollars from the United States for many goods and services. The Consumer Price Index is a government-developed metric which records the market basket of services and goods that Americans regularly purchase. U.S. Labor Department publishes the data on a monthly schedule. This entity is responsible for overseeing occupational safety and publishing statistics.
Last month, Bitcoin.com News reported on the CPI’s jump to 7.5% and this month’s CPI numbers continue to highlight a dismal outlook. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January,” the U.S. Bureau of Labor Statistics reported. “Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.” After the Bureau of Labor published the report, all four major equities indexes (Dow, Nasdaq, NYSE, S&P 500) shuddered.
Biden Blames Russia, Calls Inflation Spike ‘Putin’s Price Hike’
Russia-Ukraine war is responsible for most of Thursday’s stock market crash. President Joe Biden’s administration is blaming Vladimir Putin, despite the fact that inflation had been increasing in a variety of U.S. sectors long before the war.
“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike,” Biden explained on Thursday. “A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” the U.S. president added.
Doocy Asks Psaki: ‘Are You Guys Going to Start Blaming Putin for Everything Until Midterms?’
Peter Schiff, economist and Gold Bug, is still available. criticizedThis is the CPI calculation method that the U.S. Labor Department employs. “Consumer prices jumped .8% in Feb, bringing the YOY rise to 7.9%, the highest since Jan. 1982,” Schiff tweeted. “If the CPI still measured prices the same way it did then the YOY gain would be over 15%, higher inflation than any year during the 1970s and this stagflation decade has just started.”
Doocy and Psaki: Are you going to blame Putin until the midterms? pic.twitter.com/OSWwOBWZLc
— The Post Millennial (@TPostMillennial) March 10, 2022
Additionally, the Biden’s administration blame game toward Putin has been denounced by a number of analysts and journalists. Peter Doocy asked Jen Psaki (34th White House press secretary) how long she thought the administration would continue to blame Russia. “Are you guys going to start blaming Putin for everything until midterms?” Doocy askedThe press secretary.
Biden’s statements concerning the latest inflation report, explain that he warned about Russia’s invasion putting pressure on the American economy. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war,” Biden remarked on Thursday.
What do you think about the rising inflation in the U.S. and the Biden administration blaming the Russia-Ukraine war and “Putin’s aggressive actions?” Let us know what you think about this subject in the comments section below.
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