The inflation rate has increased significantly over the last month as the inflation crisis that began under President Biden has continued to worsen.
According to a new report from the Bureau of Labor Statistics, the Consumer Price Index – a key inflation metric – increased “0.4 percent in March… Over the last 12 months, the all items index increased 3.5 percent.” That rate is nearly double the Federal Reserve’s target inflation rate of 2 percent.
“The all items index rose 3.5 percent for the 12 months ending March, a larger increase than the 3.2-percent increase for the 12 months ending February,” the report said. “The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index increased 2.1 percent for the 12 months ending March, the first 12-month increase in that index since the period ending February 2023. The food index increased 2.2 percent over the last year.”
In response to the report showing the annual inflation rate has increased, Biden released a statement suggesting the report was good news, saying, “Today’s report shows inflation has fallen more than 60% from its peak… Fighting inflation remains my top economic priority.”
