President Joe Biden deserves an “F” for economic policy, especially policy on inflation. The Federal Reserve is at war against inflation. But it is losing. The September consumer price index report released last week offered a shockingly bad number. In spite of aggressive interest rate increases by the Federal Reserve, inflation is rising, not falling. 

The CPI rose 0.4% in September, according to the Bureau of Labor Statistics. Over the last 12 months, the index increased by 8.2%. What makes the September inflation report so scary is that gasoline prices were down for the month, a 4.9% drop, according to the BLS, but over the past few weeks, gasoline prices are up about 6%, in part due to the Biden administration’s penchant for interfering in energy markets. Biden’s comments on Saudi Arabia and oil cause market volatility, which often leads to higher prices for both oil and gasoline.