Cumberland Valley News

Inflation is the highest it has been since 1981 with the Bureau of Labor and Statistics reporting on April 12 the rate at 8.5%. With the national year-over-year wage increase at -2.7%, Americans are struggling with their cost of living, and legislators have taken notice.

“Imagine being a young family right now, rent for a two-bedroom home went up 22% in the last year,” tweeted Sen. Roger Marshall (R-KS). “Imagine being retired, with 8.5% inflation, your purchasing power has been significantly diminished. Imagine your car gives out today, used cars are up +35% from last year and new cars just had the biggest inflation jump ever. Chances are you are among the Americans hit hard by this record inflation. We need real action from Biden, and we need it soon.”

The BLS reported that the real average hourly earning decreased 0.8% from February to March, and dropped 2.7% from March 2021 to March 2022. 

According to a World Population Review report, the median household income in the state of Pennsylvania is $61,744. The report said that in 2019 the household median income in 2019 was $63,463, showing a $1,719 drop. The median U.S. household income in 2019 was reportedly $65,712.

According to the April 12 report by BLS, increases in the gasoline, shelter and food indexes contributed most to the seasonally adjusted all items index. In the month of March the gasoline index increased 18.3%, accounting for more than half of all items monthly increase.

The all items less food and energy index went up 6.5%, which is the largest year-to-year change since August 1982. The energy index increased 32% over a year’s time and the food index went up 8.8%, which was the largest yearly increase since May 1981. Major increases were fuel oil at 70% and gasoline at 48%.