In comments to reporters outside the White House on May 19, Donald J. Trump said Americans' financial problems were “peanuts," and the president has repeatedly called the affordability crisis a "hoax." Well, as it happens, he's wrong again.
Surging gas prices sent inflation to a three-year high last month, complicating life for the Federal Reserve and handing Trump a political headache as midterm elections creep closer. The Labor Department reported Wednesday that consumer prices climbed 4.2% in May compared to a year ago — up from 3.8% in April and the third consecutive monthly increase.
Month-over-month, prices ticked up 0.5%, following substantial jumps of 0.6% in April and 0.9% in March, the Associated Press reports.
Many goods and services saw price increases last month. Clothing prices rose 0.3% in May and are now 4.8% higher than a year ago. Airline fares jumped 2.7% in a single month, due to higher jet fuel costs, and have surged nearly 27% over the past year. Electricity prices increased 0.6% in May and are up 5.9% compared to last year.
This is bad, and it's all on Trump.
We're looking forward to the midterms for retribution for all the Republicans who downplayed this economic shitshow that every day Americans are facing.
