“Should Americans be worried about inflation, sir?”
That was a question posed to President Biden by a reporter at the White House on Wednesday.
Biden didn’t answer as he walked away from the microphone.
But Bureau of Labor Statistics data announced Wednesday morning indicate Americans, indeed, should be concerned if they aren’t already.
Consumer prices in April spiked 4.2%, on a year-over-year basis, the biggest increase since November 2008. Economists expected a year-over-year reading of 3.6%.
The consumer price index, which measures a basket of goods as well as energy and housing costs, increased 0.8% from the prior month.
Bloomberg called it “a sign burgeoning demand is giving companies latitude to pass on higher costs.”