Inflation in the United States hit a 30-year high in August, according to the Department of Commerce. Higher costs of goods is one of several reasons why President Joe Biden has seen his approval rating plummet to the lowest of his presidency — despite the White House blaming alarmingly low poll numbers on unvaccinated Americans.
Now, one of Biden's favorite financial outlets revealed the real cost of inflation to average American families.
Biden has cited financial analyst publication Moody's on multiple occasions, including using data from Moody's Analytics in April to argue for his infrastructure plan, during his town hall in July, and during an Oct. 5 infrastructure speech.
However, the financial outlet recently exposed how Americans are paying as much as $2,100 more per year for necessities during Biden's time in the White House.
"For households earning the U.S. median annual income of about $70,000, the current inflation rate has forced them to spend another $175 a month on food, fuel, and housing," chief economist at Moody's Analytics Mark Zandi told the New York Post.
"That's the equivalent of a full grocery, electric or cellphone bill," Zandi noted.
Gordon Haskett analyst Chuck Grom highlighted some consumer goods that have increased significantly, such as a 10-ounce bag of Lay's potato chips being 50 cents higher than in 2020, a half a gallon of 2% store-brand milk that now costs 74 cents more than a year ago, and the price of a 12-pack of Coca-Cola at Family Dollar stores in the Northeast was $6.90 in August, a whopping increase of $1.50 from a year prior.
The prices for ground beef have increased 12% in the last year, pork is up 7%, and bacon is up a whopping 28% in the past 12 months — a 40-year high.
Salesforce predicts that consumer prices could increase 20% during the holiday season.
The Consumer Price Index — a major gauge of inflation — showed that energy costs are up 25% compared to a year ago, and the food index increased 3.7%.
The Wall Street Journal reported on the skyrocketing energy costs last week, "Crude oil has risen 64% this year to a seven-year high. Natural-gas prices have roughly doubled over the past six months to a seven-year high. Heating oil has risen 68% this year. Prices at the pump are up nearly a dollar over the past 12 months to a national average just over $3 a gallon. Coal prices are at records."
Despite the alarming figures, Federal Reserve officials believe the inflation is "transitory," but Fed Chairman Jerome Powell foresees inflation continuing at these rates into 2022.
"It's also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse," Powell said. "We see that continuing into next year probably, and holding up inflation longer than we had thought."
The Biden administration has previously attempted to downplay the record-high inflation that has soared during his watch. In July, the White House was grilled for claiming that Independence Day cookouts were 16 cents cheaper this year.