Higher-than-expected inflation numbers sparked strong criticism of President Biden from Republican lawmakers on Wednesday, who argued his policies are contributing to the price hike.
sen. Wyoming Republican John Barrasso said soaring inflation has become “a hallmark” of Mr Biden’s economic plan.
“The president had a chance to present a serious plan to actually tackle the rising prices. Instead, he continues to play the blame and double down on his reckless spending and higher taxes. Democrats’ awakened policies are making American families feel broken,” Barrasso said.
Texas Republican Rep. Kevin Brady noted that inflation has wiped out much of workers’ wage gains in the hot job market.
“April was another month of raging Bidenflation – punitive price hikes, worsening core inflation and shrinking paychecks. If the president claims that inflation has peaked, someone needs to remind him that he claimed that last year and that he was terribly wrong,” said Mr. Brady.
Consumer prices rose 8.3% in April from 12 months earlier, the Labor Ministry said on Wednesday. That was above Wall Street’s predictions of an 8.1% increase.
On a monthly basis, the consumer price index (CPI), which measures inflation by tracking the cost of basic goods and services, rose 0.3% from March to April. That was less than a 1.2% increase from February to March.
The core CPI, the price of goods excluding volatile food and energy costs, was 6.2%, ahead of forecasts of a 6% rise, shattering hopes that inflation had peaked in March.
The workers continue to lose ground due to price increases. Real wages adjusted for inflation fell by 0.1% last month, despite a 0.3% increase in average hourly wages.
In the past year, real earnings have fallen by 2.6%, although the average hourly wage has increased by 5.5%.
According to AAA, regular gasoline prices rose to an all-time high of $4.37 per gallon. That increase is not reflected in the April consumer price data.
Mr Biden declared on Tuesday that inflation is his “top priority,” vowing to get rising inflation under control. He blames the problem on supply chain disruptions and Russian President Vladimir Putin’s war against Ukraine.