It’s no wonder President Joe Biden left the country this week the new inflation report is out, and it’s the only thing higher than Hunter Biden.
America has hit another high under the leadership of the Democrats and Joe Biden. Inflation has increased to 9.1% from a 40-year high in May.
From Yahoo Finance:
The Bureau of Labor Statistics’ Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% last month, up from the prior 40-year high of 8.6% in May. Economists were expecting June’s reading to show an 8.8% increase, according to estimates compiled by Bloomberg.
…
The report’s energy index soared 7.5% in June and 41.6% over the last year, marking the largest 12-month increase since the period ending April 1980. Meanwhile, the component of the report tracking food prices increased 1% over the month and 10.4% annually, the biggest 12-month increase since the period ending February 1981.
Over the last year, the cost of living has exploded.
Shelter is the single biggest component of CPI (33% of the Index) and is still being wildly understated (@ +5.6% YoY) with rents up 14.1% over the last year and home prices up 20.4%. Which means that the true inflation rate is much higher than 9.1%. pic.twitter.com/4pRUNxW0mq
— Charlie Bilello (@charliebilello) July 13, 2022
As prices were rising, below was a statement by Biden’s Chief of Staff in June of 2021, highlighting the administration’s incompetence.
There are going to be transitory impacts of restarting an economy that was shut down.
But a key point in the Fed forecast today: inflation projected down to 2.1% in 2022. https://t.co/CvREtIdXxR
— Ronald Klain (@WHCOS) June 16, 2021
Joe Biden continues to run the country into the ground.
Inflation continues to hit hard:
Groceries: up 12% in past year –>Biggest annual increase since 1979
Chicken: Up 19% in past year–>Biggest increase ever
Gas up 60%–>Biggest since 1981
Electricity: Up 14% –>Biggest since 2006
Rent: Up 5.8% –>Biggest since 1986
— Heather Long (@byHeatherLong) July 13, 2022