The latest consumer price inflation numbers are out, smashing “expert” expectations to clock in with a topline increase of 9.1 percent year over year. That represented a large increase over May’s 8.6 percent, once again rebuking the White House’s assertion that inflation is set to plateau and recede.
Energy products led the way while big price hikes in food products and travel costs also added to the chaos. Milk is up 16 percent compared to this time last year while eggs, a product that nearly everyone buys, rose by 33 percent.
BREAKING: Inflation reached 9.1% in June — a new four-decade high.
"MUCH hotter than expected" pic.twitter.com/X1rcy8gVJs
— RNC Research (@RNCResearch) July 13, 2022
Inflation hits another NEW 40-year high under Biden.
Overall CPI: +9.1% since last year
Gas: +59.9%
Fuel Oil: +98.5%
Meat, Poultry, & Fish: +10.4%
Milk: +16.4%
Eggs: +33.1%
Coffee: +15.8%
New Vehicles +11.4%
Airline Fares: +34.1%
Real Average Hourly Earnings: -3.6%— Jacki Kotkiewicz (@jackikotkiewicz) July 13, 2022
The devastating report drew reactions that varied from obscenities to proclamations of doom.
HOLY SH*T
"Over the last 12 months, the all items index increased 9.1 percent before seasonal
adjustment."https://t.co/N9i6tel9B5 pic.twitter.com/z0Q2pQFUqI— Jim Geraghty (@jimgeraghty) July 13, 2022
Inflation numbers could hit higher than Biden's approval rating soon enough
— Comfortably Smug (@ComfortablySmug) July 13, 2022
The sky-high inflation numbers also mean lower real wages. While the Biden administration has tried to brag about wage growth under its watch, the reality is that people are poorer today than when the current president took office because inflation is destroying their buying power.
Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022.
Change in real average hourly earnings combined with a decrease of 0.9% in the average workweek resulted in a 4.4% decrease in real average weekly earnings YoY https://t.co/6ybYIwIHBm— Catherine Rampell (@crampell) July 13, 2022
The worst part about this news is that there’s no end in sight. Gas prices pulling back might help some, but core inflation shows no signs of slowing down. Democrat governance has once again produced an economy that crushes the very people they claim to care about. That’s a lesson that should be remembered in future elections.
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