Cost of living is way up but experts want you to focus on the cooling inflation

Gas-Prices-June-2024 Gasoline prices are up 45% since President Biden assumed office in January 2021. (FOX Business / Fox News)

Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • How it started… how it’s going: Cost of living still way up compared to pre-Biden norm
  • President Biden welcomed Wednesday’s inflation report that showed prices rose less than expected in May, but the cost of living for millions of Americans is still much higher than it was before he assumed office.
  • Data from the Labor Department confirms that housing expenses, energy and vehicle maintenance costs have all increased by double digits since January 2021.
  • As of May, shelter costs are up 21.4%, home prices have increased 33.9% and rent is up 21.4%, according to indexes tracked by the Bureau of Labor Statistics. Mortgage rates on a 30-year fixed loan have shot up to an average of 6.99% as of June 6, 2024, from 2.77% in January 2021 — a whopping increase of 152%, according to Freddie Mac
  • Gas prices are currently sitting at a national average of $3.45 per gallon, down from $3.50 last week as low demand and increasing supply provide relief at the pump, AAA said. But overall, today’s prices are still 45% more expensive than in January 2021, when it cost $2.38 per gallon to fill up.
  • Electricity costs are up about 29% since Biden took office.
  • It also costs more to buy a car (20.4% increase), maintain it (30.5%) and insure it (51.3%) than it did four years ago.

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