For as much as the Biden administration continues to attempt to tamp down the financial panic that many Americans are facing these days, the numbers just don’t lie.
Despite consistent yet tepid assertions that this rampant wave of inflation is “transitory” and unable to be sustained, the facts of the matter just jumped up and bit Joe Biden directly in the derriere.
Inflation accelerated more than expected to a new four-decade high in June as the price of everyday necessities remains painfully high, exacerbating a financial strain for millions of Americans and worsening a political crisis for President Joe Biden.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.
It marks the fastest pace of inflation since December 1981.
And that’s not all:
So-called core prices, which exclude more volatile measurements of food and energy, climbed 5.9% from the previous year. Core prices also rose 0.7% on a monthly basis – higher than in April and May – suggesting that underlying inflationary pressures remain strong and widespread.
The data comes as fears of a potential recession continue to run rampant throughout the economic sector, and as the Biden White House appears unable, (or unwilling), to take action to prevent a catastrophe.
