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<\/p>\nA week ago, during his address to the nation about the war in Iran, Donald Trump\u00a0took a moment\u00a0to repeat familiar and false claims about the U.S. economy. The president said Americans are currently enjoying \u201cthe strongest\u201d economic conditions \u201cin history\u201d (a\u00a0spectacularly wrong\u00a0assertion) and that there\u2019s \u201cno inflation.\u201d<\/p>\n
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Even at the time, the suggestion that there\u2019s been \u201cno inflation\u201d in his second term was\u00a0immediately recognized as an absurdity, but a week later, one of the Republican\u2019s favorite lies suddenly looks even more ridiculous.<\/p>\n
On Thursday, core personal consumption expenditures price index, which is closely watched by the Federal Reserve to gauge inflation, offered\u00a0more discouraging news. On Friday morning, things looked even worse.\u00a0CNBC reported:<\/p>\n
Consumer prices spiked in March as the Iran war sent energy costs soaring and took the Federal Reserve further from its inflation target, according to a Bureau of Labor Statistics report Friday. Underlying inflation, however, was relatively tame.<\/p>\n
The consumer price index increased a seasonally adjusted 0.9% for the month, putting the annual inflation rate at 3.3%, pushed by a 10.9% surge in energy costs.<\/p>\n
The data was entirely in line with expectations, but that won\u2019t matter much to American consumers who are struggling with\u00a0the highest CPI in two years. What\u2019s more, inflation in March showed the highest one-month increase in prices\u00a0in roughly four years, when oil prices spiked following Russia\u2019s invasion of Ukraine.<\/p>\n
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<\/p>\n
The price of gasoline, meanwhile, saw its largest one-month increase\u00a0since 1967.<\/p>\n
For years, Republicans were outraged by rising gas prices during the Biden administration. Now, those same Republicans are quick to dismiss the spike in gas prices as the cost of security, even as those prices in nominal dollars are higher now than during Joe Biden\u2019s presidency. MS NOW\u2019s JM Rieger digs into the numbers. #trump #news #gas<\/p>\n
In fairness, it\u2019s worth emphasizing that core prices, excluding food and energy, showed a far more modest increase.<\/p>\n
The trouble is, the cost of food and energy count.<\/p>\n
A national\u00a0CNN poll\u00a0released last week found that only 27% of Americans approve of Trump\u2019s handling of inflation. If White House officials were counting on that number to improve anytime soon, they\u2019re likely to be disappointed.<\/p>\n","protected":false},"excerpt":{"rendered":"
A week ago, during his address to the nation about the war in Iran, Donald Trump\u00a0took a moment\u00a0to repeat familiar and false claims about the U.S. economy. The president said….<\/p>\n","protected":false},"author":2,"featured_media":49,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-48","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n