(TheRedAlertNews.com) – BREAKING NOW: The numbers just released by the presidential administration of Joe Biden prove that inflation is worse than most Americans — even most economic experts — think.
In fact, with today’s report, it can be stated with certainty that inflation is at its steepest level in decades, having surged a higher-than-expected 8.3% in April.
On a month-by-month basis, the closely watched Consumer Price Index (CPI), the all-important inflation metric that tracks what consumers spend for goods and services, rose 0.3% from March to April, continuing its upward climb. That figure was even hotter than economists polled by Dow Jones had predicted.
Core CPI — the price of goods excluding volatile food and energy costs — came in at 6.2% on an annualized basis, higher than the projected 6%.
As most American consumers know first-hand, higher costs are impacting almost every area of their lives as increases in the cost of shelter, food, airline fares, and new cars drove the rise in April prices, according to the United States Department of Labor.
The cost of housing skyrocketed 5.1% year-over-year and 0.5% compared to March. The yearly increase came in at the highest rate in more than 30 years.
Meanwhile, anticipating today’s bad economic news, President Joe Biden tried to ease the increasing concerns of American consumers about the higher prices that are eroding their paychecks by giving a speech earlier in the week and proclaiming inflation is his “top domestic priority.”
THIS IS A BREAKING NEWS REPORT FROM RED ALERT NEWS.