Inflation has been rising for the past three months, and it’s not showing signs of slowing down. In March, prices increased by 0.4% from the previous month and 3.5% from the same time last year. These numbers are higher than what was expected by economists. Core prices, excluding food and energy, also increased by 0.4%, making the annual gain 3.8%.
The main culprits behind this rise in inflation are housing and gasoline costs. Rent prices increased by 0.5% in March and are up 5.7% from last year. Gasoline prices jumped by 1.7% in March and are up 1.3% compared to the same time last year.
Gee I wonder why gasoline prices are up?
Food prices, which have been a major concern for many Americans, also went up by 0.1% in March. Since January 2021, the cost of groceries has increased by a whopping 21%. This is a big deal for families trying to make ends meet.
The March inflation numbers prove what people feel every time they go to the grocery store, pay their rent, or put gas in their cars: Bidenomics is crushing hardworking Americans.https://t.co/p8x9Mbjyej
— Tom Emmer (@GOPMajorityWhip) April 10, 2024
The Federal Reserve is monitoring these numbers closely, and it’s likely that they won’t be cutting interest rates anytime soon. This means borrowing money will continue to be more expensive for businesses and individuals.
The stock market reacted negatively to this news, as investors were hoping for interest rate cuts to help boost the economy. Now, it looks like the first rate cut might not happen until July, if at all.
The rising cost of living is making it harder for families to make ends meet, and it’s something that needs to be addressed. We’ll keep an eye on this situation and keep you updated on any new developments.
Even @CNN is willing to acknowledge that #inflation is headed in the wrong direction…thanks for nothing #Bidenomics 🤦🏾♂️pic.twitter.com/aRwExst09X
— Shaughn_A (@Shaughn_A2) April 10, 2024
