BREAKING: “Hotter Than Expected” – Inflation Up 3.1% Over Last Year – Overall Prices Up 17.9% Since Biden Took Office – Stocks Rocked

Joe Biden’s America.

Inflation is up 3.1% over the last year. Shelter prices accounted for most of the increase, according to the BLS.

“Shelter prices, which comprise about one-third of the CPI weighting, accounted for much of the rise. The index for that category climbed 0.6% on the month, contributing more than two-thirds of the headline increase, the BLS said. On a 12-month basis, shelter rose 6%.” CNBC reported.

Food prices rose as well.

“Food prices moved higher as well, up 0.4% on the month. Energy helped offset some of the increase, down 0.9% due largely to a 3.3% slide in gasoline prices.” CNBC reported.

Overall prices are up a whopping 17.9% since Joe Biden took office in January 2021.

Stocks tumbled on the inflation news.

The Dow, S&P 500 and Nasdaq lost more than 1% after January’s inflation data was released on Tuesday.

“The Dow Jones Industrial Average lost 441 points, or 1.1%. It had earlier in the day slipped more than 500 points, or 1.4%, in its biggest drop since March 2023, when it fell 1.63%. The S&P 500 slid 1.1%, as did the Nasdaq Composite” – CNBC reported.

CNBC reported:

Inflation rose more than expected in January as stubbornly high shelter prices weighed on consumers, the Labor Department reported Tuesday.

The consumer price index, a broad-based measure of the prices shoppers face for goods and services across the economy, increased 0.3% for the month, the Bureau of Labor Statistics reported. On a 12-month basis, that came out to 3.1%, down from 3.4% in December.

Economists surveyed by Dow Jones had been looking for a monthly increase of 0.2% and an annual gain of 2.9%.

Excluding volatile food and energy prices, the so-called core CPI accelerated 0.4% in January and was up 3.9% from a year ago, unchanged from December. The forecast had been for 0.3% and 3.7%, respectively.

CNBC’s Steve Liesman said, “It was just a lousy month when it came to inflation.

“Real earnings also declined in the month,” he added.

WATCH:

“It was just a lousy month when it came to inflation,” says CNBC’s Steve Liesman — noting “big increases” in medical costs, vehicle costs, and food prices.

“Real earnings also declined in the month.” pic.twitter.com/HVBJwv4ziN

— RNC Research (@RNCResearch) February 13, 2024

CNBC’s Rick Santelli went off after the inflation numbers dropped.

WATCH: