They knew it was going to be bad.
The Labor Department report is out —and it’s all bad news for the Biden Administration. Inflation continues to be a thorn in the side of this White House. The consumer price index rose 8.5% in March, making it the fastest increase since January 1982; a new four-decade high.
According to Fox News, “economists expected the index to show that prices surged 8.4% in March from the previous year and 1.2% on a monthly basis.”
Biden was singing a different tune in July 2019, when he told the American public the price increases are expected to be “temporary.”
Biden: We also know that as our economy has come roaring back, we’ve seen some price increases. Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view. Our experts believe and the data shows that most of the price increases we’ve seen are — were expected and expected to be temporary.
The reality is, you can’t flip the global economic light back on and not expect this to happen. As demand returns, there’s going to be global supply chain challenges. We’ve seen that in semi-conductors, which are used in automobiles. That global shortage has slowed vehicle production, creating a temporary spike in car prices. That’s a real challenge. And my administration is doing everything we can to address it. But again, these disruptions are temporary.