Inflation now highest it has been in three years

Remember when the great businessman who proved he was a great businessman on that one TV show promised that he would reduce prices to levels lower than you can believe, it will be so cheap everyone will be able to afford what they want to buy, as soon as we got rid of Sleepy Joe Biden and the woke socialists? (Reminder: in right-wing speak, “socialism” means using the government to try to ameliorate the effects of white supremacy).

Prices that consumers pay for a wide range of goods and services increased at a faster-than-expected pace in April, raising further concerns about the inflationary impact on the U.S. economy.

The consumer price index rose at a seasonally adjusted 0.6% for the month, putting the one-year pace at 3.8%, the Bureau of Labor Statistics reported Tuesday. The monthly rate was as forecast, but the annual rate was 0.1 percentage point above the Dow Jones consensus.

Excluding food and energy, core CPI increased 0.4% and 2.8% respectively, indicating that while inflation is still well above the Federal Reserve’s 2% goal, a good deal of pressure is coming from non-core areas, particularly energy.

The annual headline inflation rate was the highest since May 2023 and was up half a percentage point from March. Core inflation rose 0.2 percentage point annually.

This stupid country.