New information from the Bureau of Labor Statistics reports that prices for consumer goods have risen significantly in the past year, putting extra strain on Americans’ budgets and worrying experts.
As the Biden administration fends off criticism over proposed tax increases, higher spending and rising inflation, BLS released data Wednesday showing the biggest increase in consumer prices in over a decade. Those price increases point to a spike in inflation, experts say.
“Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment,” BLS said in a statement. “This is the largest 12-month increase since a 4.9-percent increase for the period ending September 2008.”
Part of the reason for that increase was from a spike in the cost of used vehicles.
“The index for used cars and trucks rose 10.0 percent in April,” BLS said. “This was the largest 1-month increase since the series began in 1953, and it accounted for over a third of the seasonally adjusted all items increase.”
A Rasmussen poll released the same day found that “76% of American Adults are at least Somewhat Concerned about inflation, including 45% who are Very Concerned.“
These numbers come as other economic indicators suggest slow economic growth. According to the latest BLS jobs numbers, the economy added only 266,000 nonfarm jobs last month, falling far short of experts’ estimates of 1 million new jobs. Unemployment also rose to 6.1% in April.
Those numbers disappointed economists after the March data suggested a post-COVID recovery.
Biden has taken increasingly more pressure for the economic struggles. Republicans have begun to criticize Biden’s trillions of dollars in new spending plans as the impetus for more inflation. Meanwhile, Biden’s proposed tax cuts have raised concerns from economists, who say they will lead to a slowing of economic growth, less hiring, and an increase in prices for regular Americans.