- Inflation went up again in January despite Biden saying it was temporary
- The Labor Department said year-on-year price rises were at 7.5 percent
- On Thursday, NBC News anchor Lester Holt asked Biden to define ‘temporary’
- ‘Well, you’re being a wise guy with me a little bit,’ said Biden as he smiled
- But the figures – the highest inflation since 1982 – are worrying Democrats
- Biden said Americans could expect prices to ‘taper off’ later this year
President Joe Biden called Lester Holt a ‘wise guy’ during a TV interview on Thursday after the NBC News anchor asked him for his definition of ‘temporary’ on the day inflation showed no sign of slowing and instead hit a 40-year high.
The White House has insisted that spiralling prices are ‘transitory’ and will begin coming down as pandemic supply chain pressures ease. But on Thursday, the Labor Department reported that year-on-year inflation hit 7.5 percent in January – its highest level since 1982.
‘I think it was back in July, you said inflation was going to be temporary,’ said Holt.
‘I think a lot of Americans are wondering what your definition of temporary is.’
The average U.S. household spent an extra $250 per month as prices have leapt, according to a new analysis published in the Wall Street Journal on Thursday.
Americans paid more for virtually every facet of life last month, from food to cars, and even housing and their monthly bills.
Energy costs rose by a staggering average of 27 percent, amid right-wing criticism of Biden’s efforts to revamp the sector and move away from a dependence on fossil fuels.
The latest data show drivers are still hurting at the pump, with gas prices up 40 percent from last year. Used cars and trucks are up by 40.5 percent.
Costs at the dinner table are also up. Grocery prices are up by an average 7.4 percent since January 2021. People can also expect to pay more for meat, eggs, poultry and fish after their costs rose by 12.2 percent last month.
Household furnishings and supplies saw their largest price increase on record as costs jumped by 2 percent from December to January, an increase of 9.3 percent from a year ago.
Renters shelled out 3.8 percent more on their housing bills in January 2022 than the year prior. The 0.5 percent increase from December is the most significant leap in 20 years.
Receiving medical care came with steeper costs as well, as hospital bills rose 3.6 percent.
Issues that economists say have fueled the record surge in inflation also don’t appear to be slowing down.
Wages are still rising at a record pace, partially driving higher costs, but fail to keep up with the pace of inflation. The average American worker got a 5.7 percent raise in January, nearly two percentage points lower than the spike in consumer goods.