Newly compiled data from the Federal Reserve shows that inflation is hurting businesses, costing consumers, and likely not going away anytime soon.
The Federal Reserve released its “Beige Book,” a report that compiles reports from “Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources” from the 12 Fed districts around the country.
According to the latest report, those contacts agreed that inflation would continue for months.
“Inflationary pressures remained strong since the last report, with firms continuing to pass swiftly rising input costs through to customers,” the report said. “Contacts across Districts, particularly those in manufacturing, noted steep increases in raw materials, transportation, and labor costs.”
With inflation raging out of control under his watch, President Biden is running out of excuses. First, his administration tried to claim inflation wasn’t really happening. Then they said it was “transitory.” When that didn’t work, Biden and his team switched to blaming Russian President Vladimir Putin.
“Let’s be absolutely clear about why prices are high right now: COVID and Vladimir Putin,” President Biden tweeted Wednesday morning. “Last month, about 70% of the increase in inflation was a consequence of Putin’s price hike because of the impact on gas and other energy prices.”