Inflation is a tax on the middle class

The Hill reports, “Consumer prices grew far faster than expected in October, according to data released Wednesday by the Labor Department.

The consumer price index (CPI), which tracks inflation for a range of staple goods and services, rose 0.9 percent last month and 6.2 percent in the 12-month period ending in October, the highest rate in the U.S. in 30 years. Analysts broadly expected the CPI to rise by 0.5 percent last month, up from a gain of 0.4 percent in August, and 5.8 percent over the past year.

It’s simple. Inflation is a tax on the middle class. This administration is failing the average American: https://t.co/WwqaJDOkL7

— Rep. Nancy Mace (@RepNancyMace) November 10, 2021

The sharp jump in the inflation rate is a dismal sign for President Biden and Democrats as they face growing pressure over rising prices. Despite strength across the economy, the president’s approval rating has fallen steadily since spring due in part to growing political backlash over higher food and gas prices.”

Read the entire column.