U.S. Inflation Unexpectedly Accelerates to a 40-Year High
TimeNov 27, 2022
The Facts
On Wed., the US Labor Dept. reported that the Consumer Price Index (CPI), a closely watched measure of nationwide price growth, rose 8.6% in May from a year ago - bringing inflation to its highest rate since Dec. 1981.
This is up from April's CPI reading and higher than the 0.3% increase forecasted by economists, with many experts fearing that inflation could lead to a recession.
The Spin
Republican narrative
The Biden admin. has let inflation go off the rails and seemingly has no plan to stop it. May's CPI results are simply another reminder that the White House is incapable of solving this problem and helping America's financial pains.
Democratic narrative
If you want to place blame for inflation, look at corporations not the Biden admin. An overwhelming number of Americans know corporations are raising prices simply because they can, which is hurting consumers and adding to the inflation crisis.
Narrative C
While May's results are certainly worrisome, the biggest question is whether inflation has peaked. With core inflation down from April's reading, and the worst of COVID behind us there is certainly hope that inflation is at a crest.
