Old North News

The Bureau of Labor Statistics (BLS) has recently released data indicating an unexpected rise in inflation in January, a trend mirrored across several expenditure categories such as food and shelter. A poll conducted on behalf of the League of American Workers (LAW) revealed that economic issues and inflation are the primary concerns for voters in North Carolina, who also expressed dissatisfaction with President Biden's management of the economy.

According to BLS, the overall Consumer Price Index (CPI) rose by 0.3 percent between December 2023 and January 2024. This signifies an upward trajectory since the CPI had previously increased by only 0.1 percent from November 2023 to December 2024. From January 2023 to January 2024, the overall CPI escalated by 3.1 percent, while shelter costs rose at an annual rate of six percent and food prices increased by 2.6 percent over the year.

In its report, BLS noted that in the South region — which includes North Carolina — the overall CPI has been climbing more rapidly, increasing 0.6 percent from December 2023 to January 2024 after having decreased by 0.1 percent from November 2023 to December 2023. Between January 2023 and January 2024, the CPI increased by 3.4 percent, while shelter costs in this region rose by 6.7 percent and food prices increased by 2.5 percent.

According to LAW's poll, approximately one-quarter (23%) of North Carolina voters named the economy as their primary concern. The poll also found that respondents disapproved of President Joe Biden's handling of the economy by a margin of roughly two-to-one (61% to 35%). Furthermore, a significant majority (67%) believe that most North Carolinians find the American Dream unattainable. The survey was carried out for LAW by North Star Opinion Research.

On February 10, just three days before the release of BLS' new CPI report, President Biden stated on Twitter that "Inflation has been at the pre-pandemic level of 2% over the last half year."

U.S. Representative Lisa McClain (R-Mich.), chair of the House Oversight Committee's Subcommittee on Health Care and Financial Services, spoke about inflation during a hearing on its impact on the economy under Biden's administration. She said, "When President Biden was sworn into office in January 2021, he inherited a 1.4 percent inflation rate. Inflation today is more than two and a half times the rate he inherited. And remember – inflation is cumulative. Over the last two years, total inflation has increased by over 17 percent."

Established in 2022, LAW conducts research and develops proposals concerning public policies that affect American workers and the economy.