BREAKING: “Hotter Than Expected” – Inflation Up 3.1% Over Final 12 months – Total Costs Up 17.9% Since Biden Took Workplace – Shares Rocked | The Gateway Pundit

Joe Biden’s America.

Inflation is up 3.1% over the past 12 months. Shelter costs accounted for many of the enhance, in accordance with the BLS.

“Shelter prices, which comprise about one-third of the CPI weighting, accounted for much of the rise. The index for that category climbed 0.6% on the month, contributing more than two-thirds of the headline increase, the BLS said. On a 12-month basis, shelter rose 6%.” CNBC reported.

Meals costs rose as properly.

“Food prices moved higher as well, up 0.4% on the month. Energy helped offset some of the increase, down 0.9% due largely to a 3.3% slide in gasoline prices.” CNBC reported.

Total costs are up a whopping 17.9% since Joe Biden took workplace in January 2021.

Shares tumbled on the inflation information.

The Dow, S&P 500 and Nasdaq misplaced greater than 1% after January’s inflation information was launched on Tuesday.

“The Dow Jones Industrial Average lost 441 points, or 1.1%. It had earlier in the day slipped more than 500 points, or 1.4%, in its biggest drop since March 2023, when it fell 1.63%. The S&P 500 slid 1.1%, as did the Nasdaq Composite” – CNBC reported.

CNBC reported:

Inflation rose greater than anticipated in January as stubbornly excessive shelter costs weighed on shoppers, the Labor Division reported Tuesday.

The patron worth index, a broad-based measure of the costs consumers face for items and companies throughout the financial system, elevated 0.3% for the month, the Bureau of Labor Statistics reported. On a 12-month foundation, that got here out to three.1%, down from 3.4% in December.

Economists surveyed by Dow Jones had been searching for a month-to-month enhance of 0.2% and an annual achieve of two.9%.

Excluding risky meals and power costs, the so-called core CPI accelerated 0.4% in January and was up 3.9% from a 12 months in the past, unchanged from December. The forecast had been for 0.3% and three.7%, respectively.

CNBC’s Steve Liesman stated, “It was only a awful month when it got here to inflation.

“Real earnings also declined in the month,” he added.

WATCH:

“It was just a lousy month when it came to inflation,” says CNBC’s Steve Liesman — noting “big increases” in medical prices, car prices, and meals costs.

“Real earnings also declined in the month.” pic.twitter.com/HVBJwv4ziN

— RNC Analysis (@RNCResearch) February 13, 2024

CNBC’s Rick Santelli went off after the inflation numbers dropped.

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