President Joe Biden might be wishing he was back in his basement as America reacts to the news that inflation has officially hit the highest rate in nearly four decades.
The Consumer Price Index (CPI) shot up to 9.1% from a year ago, with the figure being an increase over the 8.6% increase seen in May and above the 8.8% Dow Jones estimate.
“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation,” Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC. “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.”
In fact, the CPI soared above all estimates and shoppers are feeling the pain.
9.1 percent inflation, year on year. Worse than every single one of these estimates. https://t.co/AbcLQuKqFA
— Charles C. W. Cooke (@charlescwcooke) July 13, 2022
Twitter users laid out some statistics that helpfully break down all of the things you’re paying more for.
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
Consumer inflation spiking even faster in June (1.3%) than May (1.0%) to reach a whopping 9.1% in the last year. Accounting for 5.1% annual wage growth in June’s jobs report, Biden’s economy has delivered a 4% pay cut to Americans’ real wages.
— Spencer Brown (@itsSpencerBrown) July 13, 2022
That 9.1% number means Biden’s “Build Back Better” economy reached a new 40 year high for inflation not seen since November 1981.
Energy index (up 41.6%) is at its highest level since April 1980.
Food index (up 10.4%) hasn’t seen this level since February 1981.
— Spencer Brown (@itsSpencerBrown) July 13, 2022
As a reminder, on Monday White House press secretary Karine Jean-Pierre claimed: “We have a strong economy.”
KJP: “We have a strong economy.” pic.twitter.com/DjAzRIRgKO
— Townhall.com (@townhallcom) July 11, 2022
However, Americans aren’t apt to agree with KJP right now:
Another month, another record-high surge in inflation. We hit 9.1% year over year in June. The problem is getting worse because the Biden/Pelosi agenda that @RepMrvan votes for 100% of the time is failing America. Vote with your pocketbook in November.
— Jennifer-Ruth Green (@JenRuthGreen) July 13, 2022
🚨The impact of Biden’s failed economic policies:
Inflation rate is 9.1%
Price of eggs went up 33.1%
Price of meat went up 8.2%
Price of gasoline went up 59.9%
Price of used cars went up 7.1%
Price of airline travel went up 34.1%
— Heritage Foundation (@Heritage) July 13, 2022
Overall Inflation: 9.1%
Airline Fares: +34.1%
New Vehicles +11.4%
Vote like your bank account depends on it — because it does.
— Cory Mills 🍊 (@CoryMillsFL) July 13, 2022
Brutal inflation report shows a devastating increase of 9.1.% year-over-year. Bidenflation is wreaking havoc on workers, families & small businesses – a consequence of anti-American energy policy, exorbitant borrowing & printing of money & counterproductive federal regulations.
— Ron DeSantis (@GovRonDeSantis) July 13, 2022
Their tweeked numbers show 9.1%. However, my grocery bill is more like 30% higher. Bit of a gap between reported % and what it’s actually costing me.
— Donna Calcote (@DonnaCalcote) July 13, 2022
— Mayra Flores (@MayraFlores2022) July 13, 2022
How does everything doubling to tripling in cost equate to 9.1% inflation?
— Marie (@MarieUSA79) July 13, 2022
Gotta average in the 0% clue they have on how to fix it.
— Claudefrog79 (@claudefrog79) July 13, 2022
— Ray (@realRayBurgess) July 13, 2022
He’s gonna blame Putin sometime today.
— Jeremy (@BravesFan252) July 13, 2022
— Mungo’s Brainstem (@MungosB) July 13, 2022
Elections have consequences
Elections drive policies
Policies have consequences
— Al Dixon (@Mr_Al_Dixon) July 13, 2022
Shortly after landing in the Middle East on Wednesday, Biden issued a statement on the new inflation numbers. While he admitted that they were “unacceptably high,” he argued that the number is already “out-of-date” and things aren’t as bad as they seem.
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” Biden explained. “Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.”
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