Inflation rose again in March, with consumer prices rising 8.5%, the highest rate since 1981. This is the seventh consecutive month that prices faster than the previous month. Food and housing costs were up significantly. Beef and pork prices were both up over 13%.
Showing the impact on working households, real wages—wages adjusted to account for inflation—were down 2.5% last month.
Yet the Biden Administration is still proposing to pump more money into the economy and has proposed yet another “covid relief bill” that would exacerbate inflation even more.