Released this week, the Labor Department shows just how much more Americans are paying for basic goods than they were just a year ago.
The Consumer Price Index is an important indicator for inflation because it measures how much, on average, Americans pay for household necessities.
When compared to last year’s prices, Americans are paying around 5.4% overall for goods. This is the highest percentage recorded since 1991. While the cost of necessary home goods has increased, wages have increased at a rate of 4.6%.
Reasons for these price increases have ranged from COVID-19 and vaccine mandates to Biden policies and unemployment schemes that effectively pay would-be workers for not working.
When asked to comment on what the White House plans to do to address the alarming increase in inflation and national shortages, Former Vice President’s Press Secretary said Biden “has asked his economic team, as they do on any range of issues impacting the public, to continue to discuss what the options are that we can take to address these shortages.”
When asked to clarify, Psaki said she is “not in a position yet to outline additional steps we can take