President Biden keeps going on about how amazing the economy is under his leadership. But the latest inflation data deal a harsh reality check to this political narrative.
The June Consumer Price Index just came out, and it reports that prices rose 9.1% from June 2021 to June 2022. That’s the biggest increase we’ve seen yet in our current inflation surge and the biggest spike in consumer prices in 40 years.
Inflation up 9.1% year over year. Significantly worse than expected & highest level in 41 years.
— Bill Melugin (@BillFOXLA) July 13, 2022
The details of this update reveal why inflation is hitting working class families so hard, as costs surge for the essentials Americans rely on:
Inflation hits 9.1%. Yikes.
– Food ⬆️ 10.4%
– Chicken ⬆️ 18.6%
– Eggs ⬆️ 33.1%
– Seafood ⬆️ 11%
– Bacon ⬆️ 11.9%
– Rice ⬆️ 11.9%
– Milk ⬆️ 16.4%
– Fuel oil ⬆️ 98.5%
– Gas ⬆️ 59.9%
– Public transportation ⬆️ 23.7%
– Fresh fruits and veggies ⬆️ 8.1% https://t.co/TpPBr92w71
— Isabelle Morales (@IsabelleAliciaa) July 13, 2022
Oh, and before the White House rushes to blame “Putin’s price hike,” Russia’s invasion of Ukraine which has disrupted gas prices, the inflation rate is still 6% when you factor out food and fuel entirely. So, blaming the invasion is a scapegoat, not a real solution.
But there’s even more to the story here.
Further data released this morning show that Americans’ “real wages”—wages accounting for inflation—have decreased by 3.6% over the last year.
So, far from “Building Back Better,” we’re experiencing an economic calamity under the current administration. This economic carnage will continue until the federal government turns off the money printer and balances its budget.