Inflation is becoming worse for Americans on a fixed income
Today, the U.S. Bureau of Labor Statistics announced that in April the Consumer Price Index (CPI) rose by 0.4%, not seasonally adjusted. Year over year, the CPI has gone up 4.9% in the last 12 months.
The Georgia Center for Opportunity’s (GCO) take: “Not only has the federal government abandoned restoring purchasing power, they do not appear even capable of bringing inflation down to the Federal Reserve’s inflation rate target of 2%,” said Erik Randolph, GCO’s director of research. “Devaluing the dollar means that Americans must have comparable wage inflation just to keep with prices. That’s worse for Americans living on fixed incomes, the working class, and the poor.”