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The Bureau of Labor Statistics (BLS) released their report tracking the Consumer Price Index (CPI) from July 2021 to July 2022 on Wednesday, showing an 8.5 percent increase in prices year over year.

“The index for all items less food and energy rose 0.3 percent in July report,” according to the BLS report. “The indexes for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were among those that increased over the month.”

While the gas index fell 7.7 percent from last month, the food and shelter indexes increased, leading to no net change in the all items index from last month. While overall net inflation has gone down by 0.6 percent from June to July, it remains at four-decade highs.

“The food index increased 1.1 percent in July; this was the seventh consecutive monthly increase of 0.9 percent or more,” the BLS report continued. “The index for all items less food and energy rose 0.3 percent in July after increasing 0.7 percent in June. The shelter index continued to rise but did post a smaller increase than the prior month, increasing 0.5 percent in July compared to 0.6 percent in June.”

President Joe Biden has repeatedly attempted to lower prices for consumers; however, his actions have seemingly made these problems worse. Especially given the most likely upcoming passage of the so-called $740 billion “Inflation Reduction Act” in the House — that will pour more money into the economy and impact inflation even harder. 

One of the most devastating economic impacts currently facing consumers is high gas prices. As of Wednesday, the national average for gas is $4.01. While the lowering of gas prices has been favorable, it is largely due to the release of oil from the strategic petroleum reserve, which opens America up to national security risks and makes the nation dependent on other countries for future fuel needs.  

The reserve, which will release one million barrels a day, is supposed to be used in emergencies such as in wartime. To help Biden’s chances in the midterm elections, however, the president has conveniently timed the release of oil to end just before voters hit the polls. 

NEW STUDY FINDS SHOCKING IMPACT OF RISING INFLATION ON AMERICAN FAMILIES TO SLAMMING SAVINGS ACCOUNTS, DRAINING FUNDS

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At the same time Americans are facing record-high inflation and extremely high gas prices, the economy has also entered into a recession.

The US Bureau of Economic Analysis released second quarter GDP numbers late last month that signaled the second consecutive quarter of GDP losses

To combat rising inflation, the Federal Reserve increased interest rates by 0.75 percent, the second consecutive rise. 

“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” said Federal Reserve Chair Jerome Powell. 

In a statement released during the Fed’s interest rate rise, the central bank stated: “Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.”

While Americans continue to struggle economically, the Democratic Party attempts to trick Americans into thinking they’re handling inflation with cleverly named legislation — and the use of oil reserves meant for war.

Despite their best efforts though, reality has kicked in and inflation continues to harm the American consumer and their families, with less than three months until Election Day. 

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