The Labor Department reported this week that the inflation rate of various daily necessities is at the highest level in more than 30 years, prompting consumers to complain more and more about the soaring costs under the leadership of the president. Joe BidenLeadership.
Prices skyrocketed in October, with grocery prices up 5.4% year-on-year, and overall inflation this year has risen by 6.2%. The cost of meat, poultry, fish and eggs totaled 1.7% last month and 11.9% year-on-year.
“Oh, my God,” consumer Bernice Rink Tell NPR, “You can hardly buy groceries.”
“You have chicken. This is the cheapest thing you can buy-$11,” Link added. “Not a family bag, please pay attention. Normal bag. Everything has been added.”
Gasoline prices also soared by 12.3% last month, which is part of the 59.1% increase in 2021. Overall, energy prices rose by 4.8% in October and increased by 30% in a 12-month period.
On Sunday, the Minister of Energy Jennifer Granholm Warn Americans As natural gas prices have soared, they should expect to pay more to heat their houses.
“This will happen. This year will be more expensive than last year,” Granholm said CNNof Union state.
Nick Apodiakos, who shared a house with his mother in Boston, told NPR that rising prices make it almost impossible for people to pay for food and energy.
“Before, when you went to the store, if you had $100, you could buy four bags of groceries, which was very happy. Now, you are lucky to get one bag. Milk, orange juice, eggs. Plus oil house, water costs. It’s crazy So much money. How can a person survive?”
Like Apodiacos, most Americans are dissatisfied with the economic situation. A recent survey by the University of Michigan found that one in four people said their standard of living had fallen in the past month due to inflation.
The survey’s chief economist Richard Curtin said in a statement: “For more than half a century, prices of houses, vehicles and durable goods have risen more frequently than ever.”
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The soaring costs have put increasing pressure on Biden.A recent poll found that it’s just 38% of Americans now approve of his job performance, And two-thirds of Americans believe that the country is on the wrong track.
Stephen Moore, former economic adviser to the former president Donald Trump, I believe that record inflation will help Republicans Repel Biden’s $1.75 trillion “Rebuild Better Act”.
“Inflation really resonates with people,” Moore said. “I now give us a 50-50 chance to kill this bill,” he added.
Earlier this week, Biden resolved the issue in Baltimore, saying that reversing this trend is a top priority.
“Everything from a gallon of gasoline to a loaf of bread is more expensive,” he told the crowd on Wednesday. “And it’s worrying, even though wages are rising.”
But economists point out that this problem may get worse before it gets better.
“I am more worried now than yesterday,” Samuel Kortum, professor of economics at Yale University, told Yale Daily. “My initial reaction was that once the supply chain resumes normal operations, the price level will not continue to rise. However, the latest data suggests that inflation may continue for longer than I expected.”
Federal Reserve Chairman Jerome Powell and Secretary of the Treasury Janet Yellen According to CNBC, they insist that the current level of inflation is a temporary result of the COVID-19 pandemic and that economic conditions should return to normal next year.
But at the same time, consumers are asking the Biden government to take more actions to directly solve this problem.
“I don’t think the White House is focusing on what people need,” Apodiacos told NPR. “I understand that climate change is an important thing,” he added, which is an endorsement of Biden’s other priorities. “Pay attention to climate change, but also pay attention to price changes.”
Weekly newspaper The White House was contacted for more comment, but did not respond to the publication in time.
