Inflation seems to be increasing in all aspects of American business, with a rise of over 5% from the past year and roughly an entire percent last month.
Used car prices have skyrocketed past 10% last month and U.S. House Rep Roger Williams (R-Austin) has taken notice saying the blame falls on the Democratic Party.
“Amidst record high inflation and deficits, we are facing a crisis in government spending thanks to the Democrats,” he tweeted this week.
According to a July 13 report from the U.S. Bureau of Labor Statistics (BLS), the cost of living has increased 5.4% over the past year.
Inflation rose .9% in the previous month alone, according to the same U.S. BLS report.
According to Bloomberg, seniors could see a boost of over 6% to their social security checks due to the rising inflation and how their payments are calculated.
Nationwide Insurance senior economist Ben Ayers told the website MarketWatch that the current inflation is due to the ongoing pandemic, which could continue into next year.
“The spike in inflation still looks to be primarily COVID-related and temporary as outliers continue to drive much of the upward push in prices,” Ayers said. “But the effects of the recent jump could linger for consumers for some time with above-average costs extending into 2022.”
The cost of used cars rising 10.5% in June accounted for more than one-third of the increases for the month, according to the stock market website.