The consumer price index rose 8.3% in April from where it was a year ago; the cost of groceries, gas and rent are all on the rise. Economist has predicted a 8.1% rise, but it’s slightly worse than expected.

Consumer prices are close to a 40-year high.

“So-called core prices, which exclude more volatile measurements of food and energy, climbed 6.2% in April from the previous year, which was also more than Refinitiv [economists] expected. Core prices also picked up 0.6% on a monthly basis – double the 0.3% increase in March, suggesting that underlying inflationary pressures remain strong.”

On Tuesday, President Biden said that he thinks his policies are helping —and not causing inflation.

The House Republicans Twitter account shared a snapshot of rising prices, stating “Inflation is a TAX on all Americans.”

Conservative radio host Clay Travis blasted Biden, comparing him to former President Jimmy Carter:

“Inflation at 8.3%, higher than expected, again. Still essentially at forty year highs. Joe Biden is Jimmy Carter without the accomplishments.”

This story is developing…

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