Well, he was wrong. Despite predictions that inflation was going away, prices surged in January, according to the personal consumption expenditure (PCE) price index, which jumped 0.6% in January over the previous month. December’s monthly inflation rate was also revised upward from 0.1% to 0.2%. December’s year-to-year inflation increase was also revised up from 5% to 5.3%.
FLASHBACK: Did Biden Admit to Causing Inflation?
“Economists had expected a much milder increase,” reports Breitbart News. “The median forecast was for a 0.4 percent price increase month-to-month and a 4.9 percent increase for the year.”
These new numbers tell us that inflation has accelerated, not slowed down, and that economists “have been underestimating the strength of inflationary pressures in the economy.”Compared with a year ago, prices for goods are up 4.7 percent and prices for services have risen 5.7 percent. Food prices have soared, rising 11.1 percent, and energy prices increased 9.6 percent.