That’s how much President Joe Biden (D) said inflation rose, after it rose more than 8% in August.
It’s about to get worse.
Earlier this month, the NEADA [National Energy Assistance Directors Association] projected that the average cost to heat a home would increase by 17.2% since last winter, rising from $1,025 to $1,202. Heating oil costs will jump an estimated 54% to $1,876, while natural gas costs may increase 24% to $709, according to the NEADA.
Nick Loris, Public Policy‘s C3 Solutions Vice President, emphasized the impact on those in the lower economic strata—”folks” Biden pretends so piously to care about:
[M]ore money dedicated to paying for heat means fewer resources are essential for human well-being[.]
And that means
…will be regressive, hurting the poor the most since they spend a higher percentage of their budget on energy costs[.]
I suppose that’s only another inch of increase in Biden’s mind, though, so it’s all good.