U.S. grocery shoppers may be feeling the effects of food prices rising. | Adobe Stock
U.S. grocery shoppers may be feeling the effects of food prices rising. | Adobe Stock
Fifty-seven percent of Nevada voters disapprove of President Joe Biden’s job performance in the wake of reports that surges in U.S. consumer prices in January sent the annual inflation rate to a 7.5% increase, a 40-year high.
As of Feb. 16, 57% of Nevada voters disapproved of Biden’s job performance, while 35% approved, according to Civiqs, an online polling and analytics company. The new polling results come after the U.S. Bureau of Labor Statistics reported Feb. 10 that the consumer price index for all urban consumers (CPI-U) increased 0.6% in January on a seasonally adjusted basis.
“Over the last 12 months, the all items index increased 7.5% before seasonal adjustment,” the U.S. Bureau of Labor Statistics said. “Increases in the indexes for food (0.9%), electricity (4.2%) and shelter (0.3%) were the largest contributors to the seasonally adjusted all items increase. ... The all items index rose 7.5% for the 12 months ending January, the largest 12-month increase since the period ending February 1982.”
The Nevada February 2022 report from the U.S. Congress Joint Economic Committee showed that the most recent CPI-U inflation in the state was 6.8%.
American economist and professor Lawrence Summers, who was among Americans who predicted inflation early last year if the Biden administration wasn't careful about monetary actions, said that most economists are optimistic about inflation, looking for it to fall below 3%.
“Lots of economists are looking at inflation below 3(%), but I don’t think it’s very likely to happen unless there’s some kind of significant interference with economic growth,” Summers, who is former U.S. Secretary of the Treasury, told The Harvard Gazette. “I’m not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021.”
The latest national CNN poll showed nearly 6 in 10 Americans disapprove of Biden’s job performance amidst inflation and increased coronavirus cases. Overall, 58% of Americans disapproved of Biden’s job performance, while 41% approved.
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