WG Economy: Biden's Inflation Streak Continues
WG Economy | David Winston
April 10, 2024
The Bureau of Labor Statistics March 2024 Consumer Price Index was released this morning and came in at a higher than expected year-over-year rate of 3.5%. This was the 36th month in a row of a 3% or higher inflation rate starting the month after the American Rescue Plan was signed into law. Today's report almost guarantees the Federal Reserve will hold off on cutting interest rates longer than Wall Street hoped.
Under President Biden, prices have risen 19.4% since he was inaugurated. Contrasting him with the seven prior presidents at the same point in their presidencies, only Carter (36.9%) had a larger increase. The same is true for food where Biden has seen a 21.1% increase in food prices, Surpassed only by Carter (34.9%).