Inflation Hits Fastest Growth In 30 Years 

A newly released federal marker shows inflation hit the fastest growth in 30 years.

The Department of Commerce’s Bureau of Economic Analysis released data on the personal consumption expenditures index, a key marker of inflation. That means higher prices on a range of everyday goods for regular Americans.

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“Personal income decreased $216.2 billion (1.0 percent) in September according to estimates released today by the Bureau of Economic Analysis,” the agency said. “Disposable personal income (DPI) decreased $236.9 billion (1.3 percent) and personal consumption expenditures (PCE) increased $93.4 billion (0.6 percent). Real DPI decreased 1.6 percent in September and Real PCE increased 0.3 percent; goods increased 0.1 percent and services increased 0.4 percent. The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.

That growth comes as Democrats consider trillions more in federal spending. Critics point to rising inflation as a key reason to hold off on printing more money to finance the national debt.

“The $93.4 billion increase in current dollar PCE in September reflected an increase of $63.6 billion in spending for services and a $29.9 billion increase in spending for goods,” the agency said. “Within services, the largest contributors to the increase were spending for health care as well as food services and accommodations. Within goods, an increase in spending for nondurable goods was partly offset by a decrease in durable goods. The increase in nondurable goods primarily reflected increases in food and beverages, ‘other’ nondurable goods (led by pharmaceutical products), and gasoline and other energy goods. The decrease in durable goods primarily reflected a decrease in motor vehicles and parts (led by new motor vehicles).”

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The BEA did take into account the effects of COVID.

“The estimate for September personal income and outlays reflected the continued economic impacts related to the COVID-19 pandemic,” the agency said. “In September, several pandemic-related assistance programs ended, including expanded unemployment benefits. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified.”

(RELATED) WHITE HOUSE: INFLATION WILL GO AWAY SOON, WE PROMISE

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