This morning, the U.S. Department of Labor announced inflation has risen to 8.5%. This means Michigan families and seniors experienced another month of record inflation as costs rose at their fastest rate since 1981. This is the tenth consecutive month inflation has been above 5.0%.
"Before the pandemic, our country had low unemployment and low inflation. Now, because of President Biden’s failed ideas and reckless spending spree, Michigan residents are paying more for everything. Biden and his team used to say inflation would just go away. They were wrong and now they want to blame anything other than their failed policies for the year-long rise in prices hurting Michigan families,” said Congressman John Moolenaar.
Below is a graph from the St. Louis Federal Reserve Economic Data (FRED) depicting the rate of inflation since January 2021.
Original source can be found here.
