Labor Dept. provides key data on inflation
NASHVILLE, Tenn. (WSMV) - Prices continue to rise at the gas pump and inside the grocery store across America.
New data is coming out from the Bureau of Labor Statistics about the consumer price index for April and how much prices have changed in the last year. In March, the growth rate was 8.5 percent.
In a release on Wednesday morning the Labor Department found that Inflation slowed in April after seven months of relentless gains. By “slowed,” the report shows that prices rose in April 8.3% from the previous April in 2021. March showed a rise of 8.5%, so the rise “slowed” by 0.2%, which is hardly worth mentioning but still true.
Food and energy continue to be the most volitile markets in the big picture of inflation, as the costs continue to fluctuate.
President Joe Biden spoke about his efforts to fight inflation and lower consumer prices, also claiming the rising gas prices have been fueled, in part, by Russia’s war in Ukraine.
President Biden reminded Americans of his efforts to lower gas prices by releasing 1 million barrels of oil per day from the strategic petroleum reserve.
Additionally, he has requested of congress to pass measures from his Build Back Better plan that Democrats were unable to advance last year like lowering child care and long-term care costs, funding the construction of 1 million affordable homes through tax credits, and passing clean energy and vehicle tax credits that would allow families to save money on their utility bills.
“My plan is already in motion,” President Biden said. “I’ve led the world and other countries to join with us to coordinate the largest release of oil from our stockpiles in the country’s history, 240 million barrels to boost global supply.”
President Biden says the two leading causes of inflation we are seeing right now, is a once-in-a-century pandemic and Putin’s war.
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