“Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods.”
New data out today shows inflation surging to 3.8% annually in April, the highest rate in years, and working families have Donald Trump and Republicans in Congress to thank for it. Trump’s reckless war in Iran has sent gasoline prices soaring to a national average of $4.50 a gallon, and thanks to his tariffs, working families are bringing home less while paying more for everything. But for the corporations and billionaires who bankrolled Trump’s return to power, business is booming: corporate America is wrapping up one of its strongest earnings seasons on record, and Trump and Republicans’ Big, Ugly Bill handed the ultra-wealthy another massive tax break. Trump promised to lower costs on day one. Instead, he rigged the economy for the wealthy and left everyone else with the bill.
INFLATION SPIKES
- The consumer price index just hit its highest rate in three years. (Quartz)
- Oil is up nearly 55% year-over-year. (New York Times)
- Gasoline is up over 28% year-over-year. (CBS News)
- Airfares are up 20% year-over year. (Seeking Alpha)
- Electricity is up more than 6% year-over-year. (New York Times)
- Core CPI rose nearly 4% year-over-year in April. (CNBC)
- Fruits and vegetables are up over 6% year-over-over, with tomatoes alone up nearly 40%. (New York Times)
- Hospital costs are up 5.5% year-over-year. (New York Times)
- Car maintenance and repair costs are up more than 5% year-over-year. (New York Times)
- Real average hourly wages fell, slipping 0.5% for the month and 0.3% annually. (The Daily Beast)
###