by Sundnance at The Conservative Treehouse
The Bureau of Labor and Statistics has released the May inflation report [DATA HERE] showing a 1.0% increase in the month of May, bringing the rate of inflation to 8.6 percent. The highest rate of inflation in over 40 years.
This month of inflation data is particularly important because it cycles through the May 2021 calendar comparison from last year when the first wave of massive inflation first triggered. The current year-over-year 8.6% rate of inflation now lands atop twelve months of massive increases in prices.
The data clearly shows how energy costs are the dominant factor hitting every aspect of consumer purchasing. Gasoline increased 4.1% for the month, 48.7% year-over-year. Fuel Oil increased 16.9% in May, 106.7% year over year.
The energy sector is crushing the ability of consumers to spend on anything else. Real wages declined in May 0.6% as paychecks are being eaten up by massive inflation. On an annual basis wages have declined by 4% year-over-year [BLS DATA].
Unfortunately, there is no forward optimism for any change in energy policy from the Joe Biden White House, that means energy costs will continue skyrocketing as the ideologues in control of the administration push their climate change Green New Deal policies…
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