Inflation surged further in April, as revealed by the latest Consumer Price Index (CPI) data released on Wednesday morning. The month-over-month increase in consumer prices stood at 0.3 percent, contributing to an annual rise of 3.4 percent, significantly surpassing the Federal Reserve’s target of 2.0 percent. Core CPI, excluding food and energy, also climbed by 0.3 percent in April, marking a 3.6 percent year-over-year gain.
The Bureau of Labor Statistics (BLS) highlighted that the notable price hikes in April were primarily driven by shelter costs, which constitute a significant portion of the core CPI inflation increase. Gasoline prices also played a role in the overall rise in expenses, with a sharp 5.2 percent surge in April before seasonal adjustment.
Republican lawmakers, including Budget Committee Chairman Jodey Arrington (R-TX), expressed serious concerns about the persistent inflationary trend. Arrington emphasized the alarming combination of rising inflation, high interest rates, and lackluster economic performance in the first quarter under the Biden administration’s policies.
Job Creators Network CEO Alfredo Ortiz echoed these concerns, labeling the April CPI release as a “sad milestone” with inflation hitting 20 percent under President Biden’s watch. Ortiz highlighted the impact of inflation on everyday Americans, leading to a cost-of-living crisis and diminishing living standards, particularly as wage growth lags behind price increases.
Ortiz also pointed out the challenges faced by businesses in this inflationary environment, citing examples like Red Lobster’s financial struggles. He underscored that excessive inflation can push consumers to reject higher prices, posing a significant threat to small businesses that struggle to adapt to soaring costs.
Critics of President Biden’s economic policies, like Trump campaign Press Secretary Karoline Leavitt, seized on the CPI report to criticize “Bidenomics” as a failed strategy. Leavitt emphasized the stark reality of higher prices and reduced real earnings for American workers and families since Biden assumed office, framing it as an unsustainable burden that the country cannot afford to endure for another four years.
