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Inflation Goes Up After Biden Signs “Inflation Reduction Act”

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Inflation Goes Up After Biden Signs "Inflation Reduction Act"

The White House has revealed plans to celebrate President Joe Biden’s “Inflation Reduction Act” on Tuesday. This comes amid consumer prices rising once more in August, as per the latest numbers released by the government.

The Bureau of Labor Statistics released a Consumer Price Index on Tuesday morning, showing that inflation last month (August) went up one-tenth of a percent from July and is up by 8.3% from last year.

The prices of groceries and goods continue to go up, as prices rose 0.7% from July and 13.5% compared to the previous year. Meanwhile, prices in restaurants have gone up by 0.9% compared to July.

The “Inflation Reduction Act” utilizes billions of dollars to subsidize green energy projects and electric cars. It also supports healthcare that the government subsidizes.

However, health insurance and energy prices continue to go up.

Over the past month, health insurance prices went up by 2.4%. Compared to the previous year, it had risen by 24.3%. On the other hand, electricity prices increased by 1.5% from the previous month, while natural gas prices rose by 3.5%

On Monday, the president told supporters that the U.S. was making progress regarding inflation.

“The American people should have confidence that we’re on the right track, that we’re seeing real progress,” he said on Monday at a Boston event.

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