[NATIONALREVIEW] The Consumer Price Index (CPI), which tracks the cost of a variety of consumer goods as well as housing and energy prices, has risen 4.2 percent from a year ago, notably higher than the estimated 3.6 percent. It is the largest yearly increase since September 2008.Even controlling for food and energy prices, the CPI was up three percent, higher than the estimated 2.3 percent. The 0.9 percent CPI increase from March, again controlling for food and energy prices, is the highest since April 1982.
This data comports with Americans’ everyday experiences. On Tuesday, the average price of a gallon of gas rose to $2.99, the highest figure since November 2014.
The news also contradicts the Biden administration’s line on the risk of inflation — that it’s nearly nonexistent.