Milk is displayed at a grocery store in Philadelphia, Tuesday, July 12, 2022. On Wednesday, July 13, 2022, the Labor Department will report on U.S. consumer prices for June. (AP Photo/Matt Rourke)
UPDATED 1:26 PM PT – Wednesday, July 13, 2022
The data is in and it’s now confirmed that US inflation has reached a new 40-year record high. On Wednesday, the Labor Department released the Consumer Price Index (CPI) report for June, showing it increased 9.1 percent from a year ago. The CPI measures a range of prices from gas, groceries, cars and furniture to name a few.
This number is above economists estimates of 8.8 percent. The report shows the largest contributors to inflation were shelter, gas, used vehicles and new cars. The Federal Reserve has already raised interest rates to combat inflation, but the latest inflation data is continuing to fuel concerns of a recession.
Just days ago, Press Secretary Karine Jean-Pierre said the White House expects an “elevated” inflation report for June, but claimed the numbers would be “out of date.” This comes as some Republican lawmakers have accused Biden administration officials of misleading the American people about inflation.
For instance, New Hampshire Governor Chris Sununu recently slammed US Treasury Secretary Janet Yellen for doing just that. Sununu said low-income families and others on fixed incomes are going to suffer this coming winter with home heating costs expected to soar past record rates.
Meanwhile, Yellen previously shifted the responsibility of dealing with inflation away from the White House by claiming the Federal Reserve is responsible for dealing with the American economy. Prior to this, Yellen had suggested the Biden administration was running out of options to address its mishandling of the economy.
Used cars for sale are parked roadside at an auto lot in Philadelphia, Tuesday, July 12, 2022. On Wednesday, July 13, 2022, the Labor Department will report on U.S. consumer prices for June. (AP Photo/Matt Rourke)
President Biden downplayed the new data revealing inflation has reached a new 40-year high. In a statement Wednesday, Biden called the new inflation numbers “out of date.” He added the notion that energy alone comprised nearly half of the monthly increase in inflation.
Biden then claimed the data does not reflect the full impact of nearly 30 days of decreases in gas prices that have reduced the price at the pump by about 40 cents since mid-June. He also pointed out inflation is also high in Europe and other countries while suggesting many countries are battling COVID related challenges. Nonetheless, the Democrat insisted combating inflation is still his top priority.
Meanwhile, Biden’s predecessor said 40-year high inflation is “terrible for our country.” In a post on Truth Social Wednesday, Trump pointed out that fuel prices are up 60 percent, airfare is up 34 percent and eggs rose 33 percent. He then questioned how residents and businesses can survive amid the high prices.
Trump asserted Democrats don’t know what they are doing and all they want to do is “get trump.” He suggested those on the left are “willing to destroy the nation to do it. He concluded by urging citizens to not vote for “radical left democrats,” but instead vote for ‘America First’ Republicans to “save America.”