Inflation remains at historically high levels, but does President Joe Biden have a point that “for the last several months, wages have gone up more than prices have gone up”? Through that narrow lens, he’s right.
In July, August, September, October and November 2022, monthly wage increases exceeded monthly inflation increases, albeit narrowly in September and October.
The past five months represented a change compared with the period that preceded it, from October 2021 to June 2022. During all but one of those months, the increase in the month-to-month inflation rate exceeded the increase in the month-to-month wage rate. “A lot of the programs started during the pandemic are still going, even though the pandemic is long over.
He’s correct that in July, August, September, October and November 2022, monthly wage increases exceeded monthly inflation increases, though narrowly for two of those months. However, inflation remains high historically, as reflected by the year-over-year comparison, which shows inflation increasing more aggressively than wages this year compared with 2021.
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