Data: CPI has been above the Federal Reserve's 2% target for 67 consecutive months, and inflation has erased all wage increases in the United States since the pandemic

Inflation has erased all wage increases for American consumers since the pandemic began in 2020. Since April 2020, consumer prices in the United States have risen by a cumulative 31.3%, reaching a record high in September, while the average hourly wage has only increased by 25.9% during the same period.

Additionally, CPI inflation has been above the Federal Reserve's 2% target for 67 consecutive months, marking the third-longest record in the past 100 years. Only two longer periods have lasted 242 months, ending in 1986, and 128 months, ending in 1997. Inflation continues to erode the purchasing power of Americans.