Greatest increase in 41 years.
The latest Consumer Price Index numbers show inflation is climbing even higher, making it more difficult for Americans to pay their bills and buy essentials like food and gas. The numbers for the month of March rose to 8.5 percent over last year, the biggest year-over-year increase since 1981.
President Biden’s administration is claiming the war in Ukraine is the cause for the ongoing rise in America’s cost of living, calling it “Putin’s price hike.“
Economist Mark Zandi of Moody’s Analytics said, “Wages are closer to 6 percent. So inflation is faster than wage growth. That’s not good. That means people’s purchasing power is declining. And they’re not able to buy as much as they did a year ago.”
The sharp increase in inflation has economists concerned about the possibility of a recession by the end of next year as the Federal Reserve raises interest rates in an attempt to cool down the economy.
As the Lord Leads, Pray with Us…
- For wisdom for Chair Cecilia Rouse and members of the Council of Economic Advisors.
- For Secretary Yellen to seek God’s guidance as she oversees the Treasury Department.
- For discernment for Federal Reserve Chair Jerome Powell as the board determines how much to raise interest rates.
Sources: Bloomberg, Wall Street Journal, CBN
