'INFLATION Is BACK—And RAGING!': Trump Responds To A Blistering Inflation Report That Came In Higher Than Expected

On Wednesday, the Labor Department's Bureau of Labor Statistics released its monthly report on the rate of inflation across the economy. The report revealed that inflation was higher than expected for March, with prices surging 3.5 percent year-over-year. This significant increase, nearly double the average inflation rate, is concerning news for the American consumer. It indicates that the Federal Reserve will likely not cut interest rates in the coming months as inflation remains constant.

According to the bureau, the Consumer Price Index (CPI), a measurement of the cost of goods and services across the economy, rose 0.4 percent for the month. The core CPI, which eliminates food and energy prices, also rose 0.4 percent this month, with the yearly rate standing at 3.8 percent. It's important to note that most of the inflation increase was caused by rising energy and housing prices. Energy increased by 1.1 percent while housing went up by 0.4 percent, resulting in a total increase of 5.7 percent year-over-year, as reported by CNBC.

Food prices rose 0.1 percent in March, largely driven by a 4.6 percent increase in egg prices, which resulted in a year-over-year increase of 2.2 percent. Medical expenses also rose 0.6 percent, while vehicle prices fell 1.1 percent.

As inflation continues to dominate the American economy, voters will continue to feel the impact of government overspending on their pocketbooks. While the monthly year-over-year rate is down compared to years past, inflation has continued to accumulate, with prices up over 19 percent since January 2021, when Joe Biden took office.

The worsening economic environment in the country will be a major talking point for Republicans in the upcoming November election with Sen. J.D Vance (R-OH) writing on X, "Inflation continues to crush American families. Houses cost too much. Groceries cost too much. Everything costs too much thanks to the economic policies of Joe Biden."

Presumptive GOP nominee Donald Trump took the opportunity to attack President Joe Biden, writing about Wednesday's report, "INFLATION is BACK—and RAGING! The Fed will never be able to credibly lower interest rates because they want to protect the worst President in the history of the United States!"

While Federal Reserve Chair Jerome Powell has vowed to lower interest rates, which currently sit between 5.25 percent and 5.5 percent, a 22-year-high, the chances of rates being lowered anytime soon seem increasingly slim. Many financial experts expected June to be the first month to see an interest rate cut. However, the March report is dashing those hopes. This would force the Federal Reserve to potentially cut rates in July or September, just months before the presidential election.

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