Inflation Hits 6-Month High, Eroding Consumer Budgets
- Inflation rose to highest level in 6 months in March, up 3.5% annually
- High inflation erodes consumer purchasing power despite strong economic data
- Prices up 19% since Biden took office 3 years ago, hurting his approval on the economy
- Main drivers are high gas, food, and especially housing costs, the latter up 5.7%
- Biden focused on lowering costs but has limited power over corporations raising prices
