According to the latest Bureau of Labor Statistics Consumer Price Index (CPI) report, U.S. inflation remains scorching hot as it has risen at the fastest yearly rate since 1981. June’s CPI data reflected a 9.1% year-over-year increase, even though a number of bureaucrats and economists thought May’s CPI data would be the record peak.
US Inflation Continues to Print Perpetual New Highs
Inflation continues to climb higher in America as the CPI numbers for June show another monthly increase. “Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment,” the Bureau of Labor Statistics report notes. “The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.” The inflation increase in June was yet another record-setting spike as it rose at the fastest pace since November 1981.
After the CPI report was published, U.S. president Joe Biden’s administration addressed the subject. The White House also claimed that the data is already out of date and the CPI report does not reflect “the full impact of nearly 30 days of decreases in gas prices.” In fact, the White House says that “core inflation” has dropped for the third month in a row.
“Importantly, today’s report shows that what economists call annual ‘core inflation’ came down for the third month in a row, and is the first month since last year where the annual ‘core’ inflation rate is below six percent,” Biden’s statement detailed on Wednesday.
According to Bloomberg, the news publication surveyed a number of economists and they expected the CPI data for June to come in at 8.8%. With a massive inflation print, it is now assumed that the U.S. Federal Reserve will have to be
