(HorizonPost.com) – The Consumer Price Index rose slightly less than expected in October, climbing 3.2 percent over last year, the New York Post reported.
While President Biden attempted to spin it as the success of his so-called Bidenomics, in reality, consumer prices are still 18.2 percent higher today than they were in October 2020.
According to the US Inflation Calculator, the price of eggs increased by 47 percent between October 2020 and October 2023 from $1.41 a dozen to $2.07 a dozen.
A pound of coffee, which cost on average $4.52 three years ago, now costs $6.18.
Other grocery staples also show marked increases between October 2020 and October 2023, including white bread, which rose 50 cents to $2. Meanwhile, the price of meat and poultry are on average 22 percent higher today than they were three years ago.
Mark Zandi, the chief economist for Moody’s, told the New York Post that it is unlikely that grocery prices will be declining anytime soon.
But it isn’t just the prices at the grocery stores that are squeezing consumers under Bidenomics.
According to Rent.com, the median monthly rent for an apartment climbed from $1,667 in October 2020 to $2,011 in October 2023.
Similarly, monthly home mortgages have also surged. Data from the American Community Survey found that the average monthly mortgage payment for a single-family home in October 2020 was $1,621. The National Association of Realtors reported the average monthly mortgage payment at the end of 2022 was 42.9 percent higher at $2,317.
New car prices have also risen after three years of Bidenomics. In 2020, the average new car cost $41,152. As of March 2023, the average price for a new car had climbed to $48,008.
And then there’s the gas to fuel those new cars.
In October 2020, consumers were paying an average of $2.14 for a gallon of regular. As of last Wednesday, the average price for a gallon of regular was $3.35, or 36 percent higher.
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