The government announced Wednesday morning that inflation rose 0.4% in March, part of a 3.5% increase on an annual basis. The rise, which clearly means that inflation is not subsiding, took some big media outlets by surprise. The New York Times said the increase in prices was “unexpectedly sharp.” The Washington Post called it “hotter than expected.”
For months, commentators in some of those outlets had praised President Joe Biden for bringing inflation under control. Some actually urged the president to be more aggressive in claiming credit for it. After Wednesday morning, there was less of that kind of talk.
The fact is, inflation has risen slowly but steadily for the last six months. According to the Bureau of Labor Statistics, inflation rose just 0.1% last October. It rose 0.2% in November and December, 0.3% in January, and now 0.4% in February and March, for an annual basis of 3.5%. It’s been more than six months since inflation ticked downward.
In addition, continued inflation has illustrated the painful fact that the effect of increased prices is cumulative. When inflation slows, as it did after peaking at 9.1% in mid-2022, prices still go up. A politician — say, Joe Biden — can make “inflation is going down” a campaign mantra when prices are still, in fact, going up. “Inflation is not subsiding. It is rising again,” conservative economist Stephen Moore said on Fox Business on Monday, before the new numbers came out. “Look at all of the indicators.”
Read more at Washingtonexaminer.com
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