President Joe Biden’s economy took a gut punch on Wednesday when a hotter-than-expected inflation report dropped, revealing a 3.5% increase over the last 12 months — the highest year-over-year increase since last September.
According to the latest Consumer Price Index data — which was released by the Bureau of Labor Statistics — key drivers of the higher rates include car insurance, groceries, electricity, and gas. New parents and pet owners are feeling the pinch as well, with baby food now up over 30% since 2021 and pet food up 23.7%.
🚨SINCE BIDEN TOOK OFFICE:
Gasoline: 47.8%Groceries: +21.1%Eating out: +21.4%Baby food: +30.5%Pet food: +23. …