US inflation surges to new 40-year record high


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)

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)

OAN NEWSROOM
UPDATED 7:58 AM 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Jean-Pierre said the White House expects an “elevated” inflation report for June, but claimed the numbers would be “out of date.”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)

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)

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Amber Coakley
Author: Amber Coakley

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