Data Shows US Consumer Prices Hit a 40-Year High, Biden Blames Inflation on ‘Putin’s Aggressive Actions’

Data Shows US Consumer Prices Hit a 40-Year High, Biden Blames Inflation on "Putin’s Aggressive Actions"

Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.” February’s CPI Data Jumps to 7.9%, US Stocks Suffer

In the U.S., there’s been a significant increase in the prices of goods and services in the American economy every single month. American citizens continue to see a decrease in purchasing power when leveraging U.S. dollars for a number of goods and services. The Consumer Price Index (CPI) is a government-crafted metric that records a market basket of consumer goods and services Americans purchase on a regular basis. The data is published on a monthly basis by the U.S. Labor Department, an entity that is responsible for governing occupational safety and publishing economic statistics. U.S. Labor Department’s Consumer Price Index (CPI) data published on Thursday, March 10, 2022.

Last month, Bitcoin.com News reported on the CPI’s jump to 7.5% and this month’s CPI numbers continue to highlight a dismal outlook. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January,” the U.S. Bureau of Labor Statistics reported. “Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.” After the Bureau of Labor published the report, all four major equities indexes (Dow, Nasdaq, NYSE, S&P 500) shuddered. Biden Blames Russia, Calls Inflation Spike ‘Putin’s Price Hike’

Most of the stock market rout on Thursday has been blamed on the Russia-Ukraine war. Despite the fact that data shows inflation was broadening into a myriad of sectors across the U.S. well before the war, president Joe Biden and his administration are blaming Vladimir Putin.

“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike,” Biden explained on Thursday. “A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” the U.S. president added. Doocy Asks Psaki: ‘Are You Guys Going to Start Blaming Putin for Everything Until Midterms?’

Meanwhile, gold bug and economist Peter Schiff criticized the method the U.S. Labor Department uses to calculate the CPI. “Consumer prices jumped .8% in Feb, bringing the YOY rise to 7.9%, the highest since Jan. 1982,” Schiff tweeted. “If the CPI still measured prices the same way it did then the YOY gain would be over 15%, higher inflation than any year during the 1970s and this stagflation decade has just started.” Doocy to Psaki: "Are you guys going to start blaming Putin for everything until the midterms?" pic.twitter.com/OSWwOBWZLc

— The Post Millennial (@TPostMillennial) March 10, 2022

Additionally, the Biden’s administration blame game toward Putin has been denounced by a number of analysts and journalists. White House correspondent for Fox News, Peter Doocy, asked the 34th White House press secretary Jen Psaki how long the administration planned to blame Russia for everything? “Are you guys going to start blaming Putin for everything until midterms?” Doocy asked the press secretary.

Biden’s statements concerning the latest inflation report, explain that he warned about Russia’s invasion putting pressure on the American economy. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war,” Biden remarked on Thursday. Tags in this story American Economy, Biden Administration, consumer price index, CPI, CPI report, data, DOW, economics, Economist, Economy, equities, inflation, Inflation Report, Inflation Rise, Inflation Spike, Jen Psaki, Joe Biden, Labor Department, nasdaq, Peter Doocy, Peter Schiff, Rising Inflation, stocks, U.S. Labor Department, United States Inflation, US Inflation, US Inflation rises, Vladimir Putin

What do you think about the rising inflation in the U.S. and the Biden administration blaming the Russia-Ukraine war and “Putin’s aggressive actions?” Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Robert Kiyosaki Says "We Are in Biggest Bubble in World History" — Warns Government Will Seize All Cryptocurrencies ECONOMICS | 1 day ago US Inflation Skyrockets, 64% of Americans Live Paycheck to Paycheck, S&P 500 Chart Shows Death Cross Imminent ECONOMICS | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDubai Approves First Law to Regulate Digital Assets, Establishes Regulator to Oversee Crypto Sector Next articleReef Launches NFT Team Focused on Graffiti and Electronic Music Artists Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUkraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations

As Ukraine is increasingly relying on crypto donations, its Cyberpolice force has also decided to seek help from the crypto community in the country and abroad. The unit now takes various cryptocurrencies to support law enforcement agencies and acquire essential ... read more.While the Fed Monitors the "Ukraine Situation Closely," Powell Still Expects a Series of Quarter-Point Rate Hikes Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official Square Enix to Bring Dungeon Siege IP to The Sandbox Mobius Capital Founder Explains Why Bitcoin Is Rallying Amid Russia-Ukraine War