Donald Trump has said he “does not think about Americans’ financial situation” after official figures showed US inflation surged to a three-year high. America’s consumer prices index rose from 3.3pc to 3.8pc last month in a jump that was bigger than analysts had predicted.
It means prices are rising at a faster pace than wages for the first time since Mr. Trump’s inauguration last year, with average hourly earnings up by just 3.6pc in the year to April. Energy prices jumped by 3.8pc in April alone, the labor department said, and surged by 17.9pc compared with a year earlier.
As it stands now, the higher prices are hitting consumers in some of the most visible of places: the gas station, the grocery store and their electric bills.
Gas prices didn’t rise as fast as they did in March (when they shot up by a record 21.2%); however, the 5.4% increase in April was the second-fastest seen since the latter part of 2023.
Electricity prices – moved higher last year because of factors such as demand for data centers, weather and infrastructure costs – now face additional pressures from the global oil and gas shock. In April, prices for electricity rose 2.1%, the fastest monthly increase in more than four years.
Overall food prices rose 0.5% (grocery items were up 0.7%) last month and are up a respective 3.2% and 3.6% from the year before. Meat prices, particularly beef, continued to climb, but so did produce.
Prices of fresh fruits and vegetables, which are often transported by refrigerated diesel trucks, rose by 2.3%, the highest monthly increase for that category since 2010, BLS data shows.
Tomato prices soared by more than 15% for the second month in a row.
And just to think. Those diesel prices in California where most of those goods, and produce are trucked out of will only get much worse, just in time for summer vacation, right along with gas prices. While his tech bros steadily jack up electric bills with their data centers. But since ol demented 47, the pedo in chief, isn't thinking about your financial situation, it really doesn't matter. To him.
Have fun at the beach!
www.epi.org
