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Economist Explains Why ‘Americans Are Being Absolutely Crushed Right Now’

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The U.S. Bureau of Labor Statistics reported on Thursday that the consumer price index rose 0.4% in September, showing that inflation remained at a near four-decade high of 8.2%.

"Today’s report shows some progress in the fight against higher prices, even as we have more work to do. Inflation over the last three months has averaged 2%, at an annualized rate," President Joe Biden said in a statement.

EJ Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation, couldn't disagree more.

"This is just the latest example of how Americans are being absolutely crushed right now by these higher prices. And it's not yachts and caviar that are driving these increases. It's necessities. It's the basic staples," Antoni says.

"It's eggs, bread, milk. We're not talking about filet mignon here. We're talking about ground beef. And sadly, Americans are really paying the price for what has been going on the last two years in terms of the government just spending, borrowing, and printing trillions and trillions of dollars," says Antoni.

Antoni joins "The Daily Signal Podcast" to take a deeper dive into what the consumer price index means, how it compares to the producer price index, and even offer some spending advice ahead of the holiday season.

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