The Consumer Price Index (CPI), a key inflation index, came in “much hotter” than expected, hitting its highest rate in OVER 40 years. The CPIsoared 9.1% from a year ago, its highest rate since December 1981. Former President Obama’s Chair of the Council of Economic Advisers Jason Furman said that June’s inflation report was “brutal.” NEVER FORGET: Last July, Joe Biden told the American people that skyrocketing inflation was “temporary.” Biden was wrong, just as he has been about every major economic issue facing America. BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- In June, the CPI soared 9.1% for the 12 months ending June, the largest 12-month increase since the period ending December 1981.
- The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June.
- This monthly inflation rate is equivalent to an annualized 17.1%.
- Last year, Joe Biden told the American people that inflation was just “temporary,” which was FALSE.
- Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
- Real wages are down nearly 4.8% from the beginning of the Biden Administration.
- Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022.
- Americans are paying more for just about everything because of inflation:
- Gasoline is UP 59.9%
- Energy is UP 41.6%
- Airline fares are UP 34.1%
- Eggs are UP 33.1%
- Butter is UP 21.3%
- Chicken is UP 18.6%
- Milk is UP 16.4%
- Coffee is UP 15.8%
- Bacon is UP 11.9%
- New vehicles are UP 11.4%
- Bread is UP 10.8%
- Fruits and vegetables are UP 8.1%
- Used cars and trucks are UP 7.1%
- Shelter is UP 5.6%
- Apparel is UP 5.2%
- Most Americans expect inflation to get worse in the next year and are adjusting their spending habits in response to rising prices.