The Bureau of Labor Statistics (BLS) has recently released data showing a rise in inflation in January, a trend that is evident across various expenditure categories such as food and shelter. This information corroborates the primary concerns of Wisconsin voters, as revealed by a December survey conducted on behalf of the League of American Workers (LAW). The survey indicates that the economy and inflation are among their top concerns.
According to the BLS, the overall Consumer Price Index (CPI) increased by 0.3% between December 2023 and January 2024. This is indicative of an upward trend, given that the CPI had previously increased by 0.2% from November 2023 to December 2024. From January 2023 to January 2024, the overall CPI rose by 3.1%, while shelter costs escalated at an annual rate of six percent and food prices rose by 2.6% for the year.
The BLS also reported that in the Midwest region — which includes Wisconsin — the overall CPI increased by 0.3 percent from December 2023 to January 2024, after having decreased by 0.2% from November 2023 to December 2023. Between January 2023 and January 2024, the CPI rose by 2.7%, while shelter costs in this region increased by a significant rate of 6.4% and food prices climbed up by 2.5%.
A poll conducted by LAW revealed that a significant portion —40%—of Wisconsin voters named the economy as one of their top two concerns when considering how they will vote. Furthermore, it was found that nearly three-fifths—58%—of respondents disapprove of President Joe Biden’s handling of the economy; moreover, a large majority —72-to-22 percent margin—believe that the country is heading down an unfavorable path.
Just three days before the BLS’ new CPI report was released, Biden stated on Feb. 10 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, expressed her concerns 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 is an organization that conducts research and develops proposals on public policies impacting American workers and the economy, according to its website.
