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.
Joe Biden’s failed economic agenda continues to punish Americans with 40-year high inflation, declining real wages, and a higher cost of living.
— GOP (@GOP) July 10, 2022
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Jean-Pierre said the White House expects an “elevated” inflation report for June, but claimed the numbers would be “out of date.”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.
In December, Biden claimed we were at “the peak” of inflation when prices spiked 7%.
Now they are up 9.1% – a new 40-year high.
— Ronna McDaniel (@GOPChairwoman) July 13, 2022
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.