Consumer prices surged 7.9% year-over-year — the highest since 1982. Food, fuel, housing all up.
The Federal Reserve signaled rate hikes. Markets adjusted. For households, it wasn’t theory. It was thinner wallets.
The political fallout was immediate. Republicans blamed spending. Democrats pointed to supply chains and oil shocks. Voters pointed to bills.
Inflation is the bluntest political fact. Every party explains it differently. No explanation fills a cart.