Consumption Costs In The United States Have Reached A 40 Year Peak, According To Statistics And Biden Blamed Rise Upon Putin's Determined Moves

Consumer prices rose.8% in February, bringing the year-over-year increase to 7.9%, the largest since January 1982, Schiff tweeted. If the CPI still assessed prices the same way it did in the 1970s, the YOY gain would be over 15%, more inflation than any year in the 1970s, and the stagflation decade is only beginning.

Before seasonal adjustment, the all items index grew 7.9% over the last 12 months. All four major stock indices (Dow, Nasdaq, NYSE, and S&P 500) trembled after the Bureau of Labor released the news.

The Russian-Ukraine conflict has been blamed for the majority of the stock market drop on Thursday. Despite the fact that evidence shows that inflation was spreading across the United States well before the war, President Joe Biden and his staff blame Vladimir Putin.

The Consumer Price Index (CPI) statistics from the US Labor Department indicate that February’s CPI metrics climbed to 7.9%, up from a record high of 7.5 percent in January. The CPI figures released on Thursday set a fresh 40-year high, with inflation increasing by 0.8 percent month over month. President Joe Biden is blaming the recent increase in inflation on Russia’s invasion, stating that there will be expenses at home.

CPI Report For February Leaps To 7.9%, Ruining US Shares

Every month in the American economy, there has been a huge increase in the cost of products and services. When using U.S. money to buy a variety of products and services, Americans’ purchasing power continues to erode. The Consumer Price Index (CPI) is a government-created indicator that tracks a market basket of consumer goods and services that people buy on a daily basis in the United States. The data is released on a monthly basis by the United States Labor Department, which is in charge of regulating workplace safety and providing economic information.

Last month, Bitcoin.com News reported on the CPI’s increase to 7.5 percent, and the CPI data for this month continues to show a bleak future. On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) grew 0.8 percent in February after gaining 0.6 percent in January, according to the US Bureau of Labor Statistics. Before seasonal adjustment, the all items index grew 7.9% over the last 12 months. All four major stock indices (Dow, Nasdaq, NYSE, and S&P 500) trembled after the Bureau of Labor released the news.

The Russian-Ukraine conflict has been blamed for the majority of the stock market drop on Thursday. Despite the fact that evidence shows that inflation was spreading across the United States well before the war, President Joe Biden and his staff blame Vladimir Putin.

Today’s inflation report serves as a warning that price rises are stretching Americans’ wallets, and families are beginning to feel the effects of Putin’s price hike, Biden said on Thursday. An increase in gas and energy prices this month contributed significantly to inflation as markets reacted to Putin’s aggressive tactics, the US president remarked.

Meanwhile, gold investor and economist Peter Schiff slammed the US Labor Department’s CPI calculation technique. Consumer prices rose.8% in February, bringing the year-over-year increase to 7.9%, the largest since January 1982, Schiff tweeted. If the CPI still assessed prices the same way it did in the 1970s, the YOY gain would be over 15%, more inflation than any year in the 1970s, and the stagflation decade is only beginning.

Are These Folks Going To Begin Accusing Putin Of Just About Everything Only Until Midterms? Doocy Asks Psaki

A number of analysts and journalists have also criticized Biden’s administration’s blame game against Putin. Peter Doocy, a Fox News White House correspondent, asked Jen Psaki, the 34th White House press secretary, how long the administration expected to blame Russia for everything. Are you going to start blaming Putin for everything until after the midterm elections? Doocy had a question for the press secretary.

According to Biden’s comments on the latest inflation report, he warned that Russia’s invasion will put pressure on the American economy. On Thursday, Biden stated, If I have warned from the beginning, there will be repercussions at home as we impose devastating sanctions in response to Putin’s unprovoked conflict.

ALSO READ: Will Judge Castel Consider Leniency Requests for Virgil Griffith of 40+ People, Including Vitalik?

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing