It’s worse than economists expected.
The Labor Department announced Wednesday that the consumer price index (CPI) surged 9.1% in June, exceeding predictions of 8.8%. The CPI is a broad measure of the price for everyday goods like gasoline, groceries, and rent.
The number represents a new 40-year high, unraveling the Biden Administration’s narrative that the economy is strong.
From Fox News:
So-called core prices, which exclude more volatile measurements of food and energy, climbed 5.9% from the previous year. Core prices also rose 0.7% on a monthly basis – higher than in April and May – suggesting that underlying inflationary pressures remain strong and widespread.
Price increases were extensive, suggesting that inflation may not be near its peak: Energy prices rose 7.5% in June from the previous month, and are up 41.6% from last year. Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May.
House Republicans shared a bleak reminder of just how high prices have gotten on Twitter:
“Inflation is a TAX on all Americans.”
Inflation is a TAX on all Americans.
📈Gasoline is UP 59.9%
📈Electricity is UP 13.7%
📈Food at home is UP 12.2%
📈New Cars are UP 11.4%
📈Transportation is UP 8.8%
📈Food away from home is UP 7.7%
📈Used Cars are UP 7.1%
📈Shelter is UP 5.6%
📈Apparel is UP 5.2%
— House Republicans (@HouseGOP) July 13, 2022
Senate Republicans shared the news, as well, highlighting that Biden’s “experts” were wrong:
“The Biden economic experts were wrong — 9.1% inflation. Much worse than expected. Americans are hurting.”
The Biden economic experts were wrong — 9.1% inflation.
Much worse than expected. Americans are hurting.https://t.co/cIvaWtgFOp
— Senate Republicans (@SenateGOP) July 13, 2022
Last week, Fox News’ Peter Doocy questioned White House Press Secretary Karine Jean-Pierre on the economy, stressing that the President’s economic “plan” may not be as popular with Americans as the admin thinks.
“Do you think it’s possible that your plan just is not popular with the American people right now?” Doocy asked.
“I don’t think it’s that our plan is not popular with the American people,” Jean-Pierre answered. “We know that the American people are feeling the high costs. We understand what they are feeling because when you look at inflation, when you look at where we are economically – and we are stronger economically than we have been in history – when you look at the unemployment numbers at 3.6%, when you look at the jobs numbers, more than 8.7 million new jobs created, that is important.”
This story is developing…