(AmericanProsperity.com) – The downward economic spiral that swept the United States last year has left many Americans disoriented and desperate for a break. A recent analysis the Joint Economic Committee Republicans released on December 13 tracks the trends — and the news is both good and bad. The data shows inflation has recently slowed, but the snowball tumbling down the hill is still large enough to hit the country’s most vulnerable citizens with a heavy impact.
Inflation might be lower than expected, but that doesn’t mean it isn’t still terrible https://t.co/ESYY7TjEsr
— Daily Caller (@DailyCaller) December 13, 2022
The committee, led by Ranking Member Mike Lee (R-UT), started their analysis by looking at figures for January 2021 — “the last time inflation was within recent historical norms.” They found rates rose 3.4% during the first half of 2021, followed by a 6% spike in the year’s second half. By comparison, rates averaged 7.5% for January 2022. In total, the increases skyrocketed by 13.8% between January 2021 and November 2022. Even if the rates were to freeze today, the average American would likely pay an extra $8,963 more this coming year for basic necessities.
Still, some overall trends were promising. The committee found a reduction in the inflation average in November 2022. The Hill noted that the overall rise for the month was only 0.1%, compared to 0.4% in October. In contrast, inflation grew the most in June, when it jumped a dizzying 9.1%. Experts expect the upcoming rates to continue falling, although the country still needs time to recover.
~Here’s to Your Prosperity!
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