Today, the U.S. Bureau of Labor Statistics announced that in January the Consumer Price Index (CPI) rose 0.6% on a seasonally adjusted basis. The CPI is up 7.5% over the last 12 months, not seasonally adjusted. That is the highest 12-month rate since February 1982, just prior to when the stagflation of the 1970s was finally defeated.

The Georgia Center for Opportunity’s (GCO) take: “Our nation’s recent bout of severe inflation continued in January and doesn’t show signs of easing anytime soon,” said Erik Randolph, GCO’s director of research. “The rate once again exceeded consensus estimates from economic experts. Alarmingly, there seems to be a major disconnect between politicians and insider pundits over how impactful inflation is for the average American. They say we should be thankful for rising wages, but Americans are still net losers in this highly inflationary environment. When you can’t find a decent used car, your energy bills are spiking, and your grocery bills might have doubled in one year’s time, minimal wage gains are little solace.

“The monthly inflation rate for January is unsettling: 0.8% prior to being seasonally adjusted. When annualized, it’s double digits inflation (10.6%). If it were a fluke, that would be one thing. But this is the fifth time this has happened over the last ten months. This is not unpredicted. We’ve been saying since the beginning—along with many economists—that the actions taken by the federal government because the pandemic would lead to inflation.”

The Georgia Center For Opportunity applauds the introduction of House Bill 999, the Georgia Educational Freedom Act. The legislation would create new Education Scholarship Accounts (ESAs) funded by the state in the amount of $6,000 for students for each school year.

 The results put Georgia as 6th best in the nation for jobs recovered since the beginning of the pandemic. Utah, Idaho, Texas, and Arizona lead the pack, with Utah the run-away leader in labor force recovery.

The Georgia Center for Opportunity’s (GCO) take: “An important factor aggravating the wide disparity among the states in the jobs recovery is out-migration. Many workers—and businesses who are taking jobs with them—are voting with their feet by moving out of states that imposed more severe COVID-19 shutdown measures compared to states that were less severe, including Georgia,” said Erik Randolph, GCO’s director of research.

For more, read Randolph’s research report on the economic impact of the pandemic shutdowns.