Despite the annual inflation rate easing to below 8 percent in October, working families have still lost thousands of dollars in income under the current administration, says The Heritage Foundation in a new report.
Last month, the Consumer Price Index (CPI) rose 7.7 percent from a year ago and 0.4 percent month over month. The core inflation rate, which excludes the volatile food and energy sectors, climbed 6.3 percent over the last year and 0.3 percent from September to October.
Real average hourly earnings (inflation-adjusted) have tumbled for 19 consecutive months. According to the Bureau of Labor Statistics (BLS), real average hourly earnings have tumbled at an annualized rate of 2.8 percent. When average hourly earnings are combined with a 0.9 percent drop in the average workweek, real average weekly earnings have slumped by 3.7 percent….