(TheRedAlertNews.com) – BREAKING NOW: Just moments ago, the United States Commerce Department announced that inflation is now the worst in 40 years.
With inflation running higher than anything seen in four decades, several generations of Americans — nearly half of the population — have never experienced the level of inflation that is currently punishing American consumers.
As the AP notes:
“An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.
“The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.” [emphasis added]
The only bright spot in the report from the Commerce Department is that “Americans’ overall incomes rose 0.5% in February, the highest gain since November and up from just 0.1% in January. Wages and salaries jumped 0.8%, the most in four months.”
Still, analysts say that even with higher wages, Americans are falling behind because of skyrocketing inflation that is outpacing increased paychecks.
This is a breaking news report from Red Alert News.
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