On Friday, the White House announced that the personal consumption expenditure price index climbed 0.4 percent in August for its sixth straight increase.
The inflation figure for the 12 months ending in August put the number up from 4.2 percent to 4.3 percent, the highest rate since 1991, according to MarketWatch.
Economists have abandoned the White House party line that inflation was a minor, temporary blip.
“It’s still quite an inflationary environment going into next year, and that isn’t going to be good for growth,” said Laura Rosner-Warburton, an economist at MacroPolicy Perspectives, according to The New York Times. “They need to be monitoring things very closely. This is a huge shock.”
In the midst of this, the Biden White House is under scrutiny for wanting to increase spending.