More than one issue boosted Donald Trump ahead of main rival Kamala Harris and back into the White House, but inflation was key among them. A federal spending spree diminished the purchasing power of the dollar and sent prices higher, inducing sticker shock among Americans that influenced their choices on Election Day. Now we're seeing indications that inflation is back, and the new administration will have to live up to promises to bring the cost of living under control.
Prices Rise Faster Than Expected
This week, the Consumer Price Index (CPI) came in higher than expected. "The all items index rose 3.0 percent for the 12 months ending January, after rising 2.9 percent over the 12 months ending December," according to the press release from the Bureau of Labor Statistics.
