How it started... how it's going: Cost of living still way up compared to pre-Biden norm

foxbusiness.com:

'The Big Money Show' co-hosts Brian Brenberg and Taylor Riggs discuss inflation in America, the Fed's monetary decision, student loan handouts and the majority of Trump supporters prioritizing families.

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.

The Labor Department on Wednesday said that the consumer price index (CPI), a broad measure of how much everyday goods like gasoline, groceries and rent cost, was unchanged in May from the previous month. Prices climbed 3.3% from the same time last year. Both of those figures are lower than the 0.1% monthly increase and 3.4% headline gain forecast by LSEG economists.

«Prices are still too high, but today’s report shows welcome progress on lowering inflation, which was zero on a monthly basis in May and is down nearly two-thirds from its peak,» Biden said in a statement released by the White House.

«Core inflation is at its lowest level since April 2021, grocery prices have fallen for four months in a row, and gas prices are below $3.50 on average across the country. Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years,» the president continued. 

INFLATION RISES 3.3% IN MAY, LESS THAN EXPECTED

Home prices have increased 33.9% from January 2021 to May 2024. (FOX Business / Fox News)

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