Inflation spikes “unexpectedly”

It might be hard for Team Biden to put a happy face on the news that inflation continued its upward trend in October. The Hill brings back the theme of surprise from Obama’s golden era:

Consumer prices grew far faster than expected in October, according to data released Wednesday by the Labor Department.

The consumer price index (CPI), which tracks inflation for a range of staple goods and services, rose 0.9 percent last month and 6.2 percent in the 12-month period ending in October, the highest rate in the U.S. in 30 years. Analysts broadly expected the CPI to rise by 0.5 percent last month, up from a gain of 0.4 percent in August, and 5.8 percent over the past year.

Team Biden may peddle the notion that inflation is a tribute to their success with the economy and/or blame others. The Hill story intimates both lines of thought. The New York Times has taken another tack (Paul noted yesterday’s AP story in an update). Students of ancient history may be inclined to think that Carter days are here again. We can only hope that the news has an adverse impact on the Biden Bummer Beyond Belief plan.

Responses