Inflation hits new 40-year high of 8.5-percent due to war, rent hikes
NBCDec 27, 2021
The Facts
The US Labor Dept. said Tues. that inflation jumped to 8.5% in Mar. from 12 months earlier, as energy prices spiked from the war in Ukraine. It was the largest annual increase since Dec. 1981.
Despite several initiatives by the Biden Admin to try to curb rising prices, higher costs are hitting consumer staples like gasoline, food, and a range of other products especially hard.
The Spin
Republican narrative
Democrats have tried to dismiss the rise in inflation, but Americans literally aren't buying it. Prices are soaring and working-class Americans are losing years of wage gains. "Bidenflation" is real and it's being felt across the political spectrum.
Democratic narrative
Democrats are doing their best to address inflation, but Republicans must also come up with solutions rather than making American families suffer to score political points. Oil and gas companies are making record profits at the expense of the consumer, which must be addressed. However, this inflation surge is artificial, and only temporary.