The country has not conquered inflation, and it has become ingrained in our economy, the research director of a leading Georgia policy group said.
On Thursday, the U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers rose 0.4% in September. The year-over-year inflation rate stands at 8.2%.
“The Biden administration prematurely declared victory in August after passage of the Inflation Reduction Act,” Erik Randolph, director of research for the Georgia Center for Opportunity, said in a statement. “But as we’ve seen in the weeks since, inflation has a strong foothold and isn’t going away anytime soon.