Inflation soared by 7.9% over the past 12 months, the federal government reported Thursday, with Americans besieged by higher gasoline, food and housing prices in a tumultuous election year for Democrats.
The Labor Department said the rise in the Consumer Price Index through February is the largest since 1982. Officials also note this is the fourth straight month that inflation has climbed to 40-year highs, with economists saying there are few signs the rise in prices will end soon.
Gasoline prices alone jumped 6.6% last month, compared to the year before. Food costs, meanwhile, rose 1% — the largest monthly increase since April 2020. The hike in food prices was double the 0.5% increase reported in December.
Prices increased across a broad range of goods and services, including food, rent and utilities. Notably, the inflation numbers did not include the most recent jump in oil and gas prices resulting from Russia’s invasion of Ukraine.
The American Automobile Association says that gasoline prices have jumped 62% since the war broke out in Eastern Europe in late February. The average cost per gallon of regular gasoline hit $4.32 across the country Thursday.
“Today’s inflation is even worse when looking at skyrocketing gasoline costs,” said Alfredo Ortiz, president of the Job Creators Network, a pro-business group. “This pain at the pump, which is a result of President Biden’s kowtowing to the ’regressive’ green agenda from Day 1 of his administration, makes consumers feel even poorer than they are.”
The White House disputes that its policies, particularly when it comes to energy, are responsible for exacerbating inflation. The administration argues that Russia’s belligerence in Ukraine has driven energy price hikes by compounding existing supply chain problems.
“A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” Mr. Biden said. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: The costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”
Mr. Biden’s defense, however, ignores the fact that prices are rising throughout every sector of the economy.
Excluding often-volatile food and energy costs, prices increased by 6.4% from February 2021 to February 2022. The jump was the highest 12-month spike since President Ronald Reagan’s first term more than 40 years ago.
Much of the rise was because housing costs jumped 4.7% in the past year, hitting a high unseen since 1991. Skyrocketing housing costs accounted for more than 40% of the monthly increase after food and energy.
Republicans accused the White House of cherry-picking data and blaming Russia for inflation created largely by administration policies.
“Prices continue to skyrocket under Biden and Democrats’ reckless policies,” said Ronna Romney McDaniel, chairwoman of the Republican National Committee. “Biden’s attempt to deflect blame is an insult to every American and small business owner struggling to afford the cost of everyday goods.”
The inflation numbers pose another major headache for Mr. Biden and congressional Democrats. The president, whose approval rating hovers in the high 30% range, has been trying to convince consumers in recent weeks that he has a plan to fight inflation.
During his first State of the Union address earlier this month, Mr. Biden sought to recast his long-stalled $1.75 trillion social welfare and climate change package as a salve for inflation.
“My plan to fight inflation will lower your costs and lower the deficit,” Mr. Biden said. “Seventeen Nobel laureates in economics say my plan will ease long-term inflationary pressures.”
Few, including fellow Democrats, agree that more spending taxpayer dollars will solve the current crisis.
“I’ve never found out that you can lower costs by spending more,” said Sen. Joe Manchin III, West Virginia Democrat.
• Haris Alic can be reached at halic@washingtontimes.com.
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