Economic Crisis

WALLET WORRIES: Inflation Cools, But Core Prices Remain High in the Biden Economy

posted by Hannity Staff - 4.12.23

According to a report from Fox Business, inflation eased slightly in March but remains three times higher than its pre-pandemic average —the cash crunch is still real for most Americans.

From Fox Business:

The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.1% in March from the previous month, down from 0.4% in February. Prices climbed 5% on an annual basis, down sharply from February’s 6% increase and the smallest rise in nearly two years.

Those figures were both lower than forecasts by Refinitiv economists.

Still, inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices.

Other parts of the report also pointed to a slow retreat for inflation, a worrisome sign for the Federal Reserve. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.4%, or 5.6% annually. That is up slightly from February’s 5.5% increase, snapping a five-month-long streak of declines.

Fox Business said the report is obviously “terrible news for the consumer.”

Watch the clip below:

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