Consumer Prices Surge to Highest in More Than Three Decades

Joe Biden will only be able to spin this for so long.

In October, consumer prices have climbed 6.2 percent, which is the largest increase we have seen in 31 years.

Two of the biggest areas impacting most American households were the hardest hit, energy and gasoline.

Big Jumps

With winter right around the corner, energy prices are a major concern for most households.

The bad news for Americans is the cost to keep their homes warm will be significantly more than last year.

The 4.8 percent jump last month brings the total increase to more than 30 percent over last year.

Gasoline has also increased by 6.1 percent, inching ever closer to that $4.00/gallon mark.

In fact, in some states, the price is well above that already.

The current national average is $3.417 per gallon, but California is currently at $4.939 for premium, with 17 other states currently exceeding $4 per gallon for premium gasoline, virtually all of them blue states.

Oklahoma is at the opposite end of that spectrum, with a price of $3.522 per gallon for premium.

Of the l0 lowest states for gasoline prices, nine of them are red states.

Food prices are also up slightly less than one percent, with all food prices up 5.3 percent over the last year.

Biden’s talking heads can say this is going to get better, but they are wrong.

Brad Armstrong, partner at Lovell Minnick Partners, stated, “We’re seeing early signs of an inflationary surge that’s likely to persist, with companies responding to rising input costs with cost increases of their own, which in turn causes higher input costs for others.”

This cycle is likely to continue as long as Biden continues his mandates and war on the fossil fuel industry.

Source: Fox Business & GasPrices.AAA.com

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