It’s become as predictable as Joe Biden reading every word he sees on a teleprompter; the new economic numbers are released. Once again, it shows that inflation has risen to heights not seen in this country in over four decades.
The prices of everyday goods, including gasoline, are skyrocketing, putting a tremendous strain on Americans.
Whether Biden will admit it or not, he is in an economic crisis with his Presidency and is running out of people to blame for it.
The Labor Department announced that the consumer price index rose 9.1% in June from a year ago.
Comparing prices to May of this year, everything is up, rising 1.3% in a month.
Core prices which exclude food and energy costs, climbed 5.9% from June of 2021 and are up almost a whole percentage point from May. Economists look at that data to determine that the inflationary pressures are widespread and not likely to end soon.
The financial burden is crushing millions of Americans who pay more on everything they buy. Food, rent, clothing, utility bills, gasoline, everything is rising with no end in sight and no leadership or direction coming from the White House.
Here’s what Robert Frick, an economist at Navy Federal Credit Union, told CNBC about the Consumer Price Index results.
“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation. Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”
If you’re keeping track of whom Biden has blamed for the inflation levels under his watch, he’s mentioned the supply chain bottleneck, Russia, Donald Trump, and Republicans.