Prices of the Personal Consumption Expenditures Price Index hit 6.4% between February 2021 to February 2022, marking the highest single-year mark since the index started.
Inflation is a direct result of the government printing money out of thin air. 1982 was the last time it was this high 6.4% https://t.co/8xEfPTUIwo
— My Name is Jeff🇾🇪🇺🇦🇺🇲🇰🇷🪕👽🩺🛩️🚲⛵ (@jafuap) April 2, 2022
“The increase surpasses the 6.1% rate charted in January, marking the highest inflation rate since 1982. Without considering volatile categories like food and fuel, the PCEPI climbed 5.4% year-over-year,” The Daily Wire noted.
“Rising price levels have been a major criticism of President Joe Biden’s first year in office, with 83% of Americans responding affirmatively to a poll asking whether ‘increased prices of everyday items caused you or your household any hardship’ over the past month,” the report added.
In February, the personal consumption expenditures (PCE) price index was up 6.4% from a year earlier. The core PCE index, which excludes food and energy costs, posted a year-over-year increase of 5.4% https://t.co/fpxvOrwFC3 pic.twitter.com/5qMAsN7mir
— St. Louis Fed (@stlouisfed) April 2, 2022
The inflation report adds to generation-high inflation reported elsewhere, including gas prices, which have recently hit record levels in many states.
The fuel prices have surged so quickly that some states have temporarily ended the sales tax on gas to bring some relief to those paying higher prices at the pump.
The new index only highlights what many Americans already know. The economy is looking terrible when it comes to inflation, leading voters to seek change to find something better.