It is doubtful that Americans seeking refuge from inflation will find any at home.
The Biden administration’s inflation has driven up the cost of keeping a household. Prices for waste collection, rent, and energy have all increased by around six percent.
Since March 2023, rent and related housing expenses have increased by more than 5%:
— Primary dwelling rent has increased by 5.7% since March 2023 and by 0.4 percent since February 2024.
— The potential cost of not renting out your own property, or owners’ equivalent rent, has increased by 5.9% since March 2023 and by 0.4 percent since February 2024.
— Up 5.1 percent since March 2023 and up 0.5 percent since February 2024 for water and sewer maintenance services
Trash and garbage collection have decreased by 0.1 percent since February 2024 and increased by 5.8% since March 2023.
Electricity has increased by 5.3% since March 2023 and by 0.7% since February 2024.
— Home repair: up 18.0% since March 2023 no information is available as of February 2024.
— Renters’ and homeowners’ insurance has increased by 0.5 percent since February 2024 and by 4.6 percent since March 2023.
In comparison to February, the consumer price index increased by 0.4 percent overall in March. John Carney of Breitbart News reports that the headline index is up 3.5 percent from a year ago.
“Over a 12-month period, economists had predicted a growth of 3.4 percent and a 0.3 percent increase in the month-to-month number. Excluding food and energy, core inflation increased by 0.4 percent in the month, which was in line with the previous month’s increase and more than the anticipated 0.3 percent. Core inflation is up 3.8% from a year earlier, mirroring the February rate and exceeding forecasts. Many observers predicted that the January increase in the consumer price index was only a seasonal anomaly, and that inflation would soon begin to decline once more. That is no longer a tenable explanation following three months of hotter-than-expected inflation. Core inflation has increased at an annual pace of 4.6 percent throughout the past three months. According to Harvard economist Jason Furman, “that is the greatest three-month annualized inflation for any time period between August 1991 and 2020.”
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