by Eric Yue
The US inflation rate has accelerated to 8.5%, a new 41-year high, according to a new Consumer Price Index (CPI) report on April 12th.
Despite the record inflation rate, hourly wages have only gone up by around 4.7%, according to CNBC News. Every day, Americans are feeling the effects of price increases at the pump, in grocery stores, and so much more.
Americans struggle to put food on the table and keep a roof over their head. Before the pandemic, 35 million people suffered from food insecurity, according to RTS Food Waste. However, that number could increase to nearly 50 million people due to high inflation rates and stagnant wages.
President Biden, while visiting Iowa, stated that he is increasing the domestic sales and production of ethanol-blended gasoline to help curb inflation: “I am doing everything in my power by executive orders to bring down the prices.”
However, many say Biden's words are too little and too late. Renee Schults, a school bus driver in Pennsylvania now has to rely on a food bank to feed her family. When interviewed by NBC News, Schults said that “it’s made it difficult, sometimes you have to make a choice on what bills are not going to get paid so that you can make sure you got food on the table.”
Renee is not alone — all across the country, Americans are feeling the pain at the pump, in the store, and at home. Gas prices increased 18% last month following the Russian invasion of Ukraine, and year-over-year food prices increased by 8.8%. Americans are expected to pay more than 10% more on food compared to the same time a year ago. Necessities such as meat, poultry, fish, eggs, and milk have increased by more than 11%. The cost of rent also increased by 5% in the last year, burdening more renters and increasing living costs.
Despite how Americans feel right now, many experts predict that the worst is still yet to come. New government predictions foresee gas prices, inflation, and the cost of living to rise as we get closer to the summer.
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