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More bad news today on the inflation front. Consumer prices jumped 0.4% last month, according to the Labor Department. Over the last year, prices have risen 5.4%.

Let’s put that in perspective…

Food prices alone have jumped 4.6% in the last 12 months. Certainly you’ve seen that reflected in restaurant prices or at the grocery store. (If not in higher prices, then definitely in smaller portions.)

So if your household, for example, had been averaging $150/week in food & groceries last year, what has food inflation meant to your wallet?

Well, assuming things don’t get worse, your household is now on track to spend an ADDITIONAL $350 over the next 12 months. And that’s just for food!

Inflation is likely hitting most everything else you buy as well. In fact, your family is probably on track to spend MULTIPLE THOUSANDS OF DOLLARS MORE this year for the same goods and services.

Worst of all, inflation disproportionally hurts people who earn less money, because when the cost of living goes up due to inflation, it can be significantly harder for those who earn less to absorb the increases. Much more so than higher income earners. (This cannot be solved by mandating higher wages, as many liberals argue, since it could lead to a spiraling cycle of inflation.)

It’s like one punch in the gut after another. And it can only get worse if Democrats are successful in ramming through trillions of additional dollars in spending on their social agenda.