Biden’s Economy: Inflation Hits Highest Levels Since Great Recession, Soars Past Economists’ Expectations

The Consumer Price Index (CPI), which measures overall inflation of the U.S. dollar, rose 0.8% in April, capping off the largest 12-month jump in prices since the period ending September 2008 after the beginning of the Great Recession.

The Department of Labor released data tracking inflation in the U.S. on Wednesday morning. The April jump in CPI was driven by a 10% price hike on used cars and trucks, the largest jump for that market on record.

The Bureau of Labor Statistics (BLS) reported: “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in April on a seasonally adjusted basis after rising 0.6 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment. This is the largest 12-month increase since a 4.9-percent increase for the period ending September 2008.”