Trump Shrugs Off Americans’ “Financial Situation” After Inflation Report Release
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On Monday, the Bureau of Labor Statistics (BLS) published its April Consumer Price Index (CPI) report, showcasing that inflation is the highest it’s been in the past three years.
According to the CPI, prices on all consumer goods shot up by 3.8 percent over the past year. The report indicates that Americans’ wages are no longer keeping up with the pace of inflation — in other words, the rise in costs for goods has overtaken the 3.6 percent average wage gain workers received over the past year.
Multiple factors relating to Trump administration policy or consequences from President Donald Trump’s actions likely played a role in higher price increases, including his unpredictable adjustment of tariffs as well as his decision to launch a war on Iran, resulting in the closure and disruption of exports (including oil) through the Strait of Hormuz.
Food costs also increased, the CPI showed, with prices increasing by 3.2 percent over the past year. Fruits and vegetables prices went up by 6.1 percent, fish and seafood by 6.2 percent, salt and seasonings were up by 7.1 percent, and beef saw a 14.8 percent increase in costs, according to the report.
In the category of “food away from home,” which includes costs for purchasing food at restaurants, in school meals, at vending machines, and other places, prices went up by 3.6 percent.
Shelter costs, which had been easing in recent months,........
