Politics

Inflation Hits Yet Another Record High As Americans Feel The Squeeze

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Max Keating Contributor
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Inflation climbed 9.1% over the past 12 months, the highest year-over-year percentage increase since December 1981, the Department of Labor (DOL) announced Wednesday.

The Consumer Price Index (CPI) increased 1.3% between May and June, according to the DOL report released Wednesday. Economists had predicted that CPI would increase by 1.1% last month and 8.8% over the 12-month period ending in June.

“The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising,” the DOL said in their report. “The food index rose 1.0 percent in June, as did the food at home index.”

The White House preemptively downplayed the inflation data, saying the metric was already outdated as prices have begun to supposedly decrease.

“June CPI data is already out of date because energy prices have come down substantially this month and are expected to fall further,” White House Press Secretary Karine Jean-Pierre said on Tuesday.

“I don’t think that number peaks until September and I think at that point it will be in double digits,” E.J. Antoni, research fellow for Regional Economics at The Heritage Foundation told the Daily Caller News Foundation.

Wednesday’s report follows a steady stream of negative polling for President Joe Biden, including one New York Times survey that found a majority of Democrats would prefer the 79-year-old not run in 2024. Voters have cited the economy and inflation as major issues ahead of the midterms. (RELATED: The DeSantis Boom: Florida Economy Soars As State Records Highest Budget Surplus Ever)

The gasoline index rose 11.2%, while the food at home index increased 10.4%,  year over year, BLS reported. Almost all aspects of American purchases increased in June, including shelter, airline fares, new and used cars and trucks, medical care, household furnishings and operations, recreation and clothing, according to BLS.

CPI surpassed the Federal Reserve’s 2% target in May 2021 and has continuously climbed higher and higher since, according to federal data.

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