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.
While energy products were the most popular, large increases in the prices of food items and high travel expenses contributed to chaos. While milk is up 16% compared with last year’s time, eggs (a product almost everybody buys) rose 33%.
BREAKING: Inflation reached 9.1% in June — a new four-decade high.
“MUCH more hot than anticipated” pic.twitter.com/X1rcy8gVJs
— RNC Research (@RNCResearch) July 13, 2022
Biden sets a new record for inflation at 40 years.
The overall CPI is up 9.1% from last year
Gas: +59.9%
Fuel oil: +98.5%
Meat, Poultry, & Fish: +10.4%
Milk: +16.4%
Eggs: +33.1%
Coffee: +15.8%
Brand New Vehicles +11.4%
Get Airline Tickets at +34.1%
The Real Hourly Average Earnings are: 3.6%— Jacki Kotkiewicz (@jackikotkiewicz) July 13, 2022
Reactions to the devastating report ranged from obscenities and proclamations about doom.
HOLY SH*T
“Over the last twelve months, all item index rose 9.1 percent prior to seasonal
adjustment.”https://t.co/N9i6tel9B5 pic.twitter.com/z0Q2pQFUqI— Jim Geraghty (@jimgeraghty) July 13, 2022
Soon enough, inflation numbers may rise to levels higher than Biden’s approval rating.
— Comfortably Smug (@ComfortablySmug) July 13, 2022
Real wages are also lower due to skyrocketing inflation. Although the Biden Administration has claimed wage growth, it is not true. Inflation is making people poorer than before the Obama administration took office.
The real average hourly wage fell by 3.6% seasonally from June 2021 through 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. Although gas prices might be lower for some, the core inflation does not seem to be slowing. Democrat governance once more has produced an economy which crushes those they claim to love. That’s a lesson that should be remembered in future elections.
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