(Sung to the tune of “It Was Fascination”)
Earlier today, I fueled up at my local BJ’s Wholesale Club where the price of a gallon (with the 10 cent per gallon BJ’s MasterCard discount) was $2.819.
According to my auto record book, just about a year ago on August 6, 2020, I paid $1.919 a gallon.
Almost one dollar more per gallon THIS year than last.
I also noted that the lowest price I paid for gas at BJ’s was $1.839 on November 15, 2020.
On October 31, 2020 (just three days before the Presidential Election), gas was at $1.869.
On Nov. 4, the day AFTER the election, it bounced to $2.009 — and with the exception of November 15th (see above) — the price of a gallon of regular has steadily climbed.
I don’t know if you keep track of your fuel/mileage costs. Not everyone does. But my husband and I do on all our vehicles.
Here’s the China/Biden story told in gas pump numbers:
8/6 — $1.91
10/2 — $1.88
10/10 — $1.88
10/31 — 1.86
11/4 — 2.00
11/15 — 1.83
12/23 — 1.97
1/11 — 2.14
1/30 — 2.17
2/16 — 2.27
3/16 — 2.63
3/26 — 2.61
4/6 — 2.57
4/23 — 2.55
5/4 — 2.59
5/13 — 2.65
5/17 — 2.65
6/11 — 2.65
6/23 — 2.69
7/12 — 2.91
The establishment media have begun to admit inflation is causing “wild price hikes” for “everything” under the Biden administration. The following prices have increased since Joe Biden has stolen office:
- Gasoline, 56.2%
- Fuel oil, 50.8%
- Used cars and trucks, 29.7%
- Airline fare, 24.1%
- Motor vehicle insurance, 16.9%
- Natural gas (piped), 13.5%
- Transportation services, 11.2%
- Tobacco and smoking products, 7.3%
- Apparel, 5.6%
- Electricity, 4.2%
- Physicians’ services, 4.2%
- Food away from home, 4.0%
- New vehicles, 3.3%
- Fruits and vegetables, 2.9%
- Motor vehicle maintenance and repair, 2.8%
- Hospital services, 2.6%
- Food, 2.2%
- Shelter, 2.2%
- Rent of primary residence, 1.8%
- Alcoholic beverages, 1.6%
- Medical care services, 1.5%
- Food at home, 0.7%
- Cereals and bakery products, 0.6%
- Meats, poultry, fish, and eggs, 0.1%
- Dairy and related products, 0.1%
The American public is increasingly aware of inflation, and they are worried. A new poll by The Economist and YouGov showed that 42 percent of the public now says the most important indicator of how the U.S. economy is doing is the prices of goods and services, followed by unemployment at 25 percent. At the start of the year these numbers were reversed, with 42 percent saying unemployment and 24 percent citing prices. That’s a big swing in public opinion around the issue of inflation.
The Federal Reserve Bank of New York reported the results of its Survey of Consumer Expectations on Monday. Expected inflation one year from now jumped from 4 percent to 4.8 percent, the highest level ever recorded in the survey’s eight-year history. Uncertainty around the forecast is also near a record high. Yet in the three-year window, the public’s expectation remains unchanged at 3.6 percent. That sounds like a public that is pretty confident that Fed chair Jerome Powell is right when he argues that inflation will be transitory.
That confidence may be tested this week, however, when the government releases the Consumer Price Index and Producer Price Index for June. Economists have penciled in a slight cooling of inflation from 0.6 percent overall to 0.5 percent for the month. But forecasters thought inflation would fall in both April and May. In fact, the previous three reports have all exceeded expectations. A hotter number than expected this week could be seen as forcing the Fed to act more quickly than currently anticipated. That would roil financial markets that have, so far, largely assumed the Fed will keep to the plan not to raise rates until late next year or the year after that.
The annual rates will likely grab the most attention. These will be inflated by weakness a year ago, what economists call the base effect. Headline annual inflation is seen as coming in at 5.0 percent, even with May, and core inflation-—which excludes food and energy—is forecast at 4.0 percent, up from 3.8 in May.
– Alex Marlow & John Carney
Breitbart News Network