Latest Inflation Numbers Show No Sign of Slowing Down Ahead of Election Day

Bidenflation is showing no signs of slowing heading into the 2024 presidential election.

According to CNBC:

Inflation rose in line with expectations in February, likely keeping the Federal Reserve on hold before it can start considering interest rate cuts, according to a measure the central bank considers its more important barometer.

The personal consumption expenditures price index excluding food and energy increased 2.8% on a 12-month basis and was up 0.3% from a month ago, the Commerce Department reported Friday. Both numbers matched the Dow Jones estimates.

Including volatile food and energy costs, the headline PCE reading showed a 0.3% increase for the month and 2.5% at the 12-month rate, compared to estimates for 0.4% and 2.5%.

While the Fed looks at both measures when making policy, it considers core to be a better gauge of long-term inflation pressures. The Fed targets 2% annual inflation; core PCE inflation hasn’t been below that level in three years.

The average yearly inflation rate under Donald Trump was 1.9% - and under Joe Biden, it’s been 5.6% (and that doesn’t include the impact from “shrinkflation”). Cumulative inflation since Biden took office is at around 20% according to the Bureau of Labor statistics - though it’s hard to find a single person who believes inflation has been that “small.” 

This inflation print came days after the latest CNBC All-America Economic Survey, where a majority said they expect to be better off financially if Trump wins the election (with independents agreeing to a 2:1 margin), and that he’s the man they trust to fight Bidenflation.

Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros

Don’t miss the Dan Bongino Show