The latest Bureau of Labor Statistics Consumer Price Index report (CPI), shows that inflation in the United States continues to rise at an alarming rate. It has increased at the fastest annual rate since 1981. June’s CPI data reflected a 9.1% year-over-year increase, even though a number of bureaucrats and economists thought May’s CPI data would be the record peak.
The US continues to print perpetual new highs in inflation
America’s inflation continues to rise as June’s CPI data shows another month of growth. “Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment,” the Bureau of Labor Statistics report notes. “The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.” The inflation increase in June was yet another record-setting spike as it rose at the fastest pace since November 1981.
After the CPI report was published, U.S. president Joe Biden’s administration addressed the subject. The White House also claimed that the data is already out of date and the CPI report does not reflect “the full impact of nearly 30 days of decreases in gas prices.” In fact, the White House says that “core inflation” has dropped for the third month in a row.
“Importantly, today’s report shows that what economists call annual ‘core inflation’ came down for the third month in a row, and is the first month since last year where the annual ‘core’ inflation rate is below six percent,” Biden’s statement detailed on Wednesday.
Bloomberg reports that Bloomberg surveyed economists to determine that they expect the CPI for June to be 8.8%. This is a large inflation print. assumed that the U.S. Federal Reserve will have to be “even more aggressive.” In addition to the CPI numbers that came in on Wednesday morning, the day before, the Bureau of Labor Statistics reported on an image that had shown “fake” CPI data. Social media image that showed a fake CPI number saidCPI data will be at 10.2%.
The US Inflation Report Reveals Fears for Stocks and Gold.
Following the release of the true report, significant stock market losses were seen as the Dow Jones Industrial Average fell 400 points. The major stock market indexes have all fallen and bitcoin (BTC), which was last seen at $19,900 on Wednesday, fell to $18,906/unit on July 13. As silver fell by 0.58 percent and gold dropped by 0.41% Wednesday, precious metals saw their value drop as well.
88% of Biden’s presidency was marked by negative inflation adjusted earnings.
Real earnings next month will fall for the 16th consecutive monthly: The longest streak of record pic.twitter.com/JO0v7ju04S
— zerohedge (@zerohedge) July 13, 2022
On Wednesday morning the CPI real numbers were presented. However, people struggled to understand the figures without gasoline and food. These statements were criticized by critics who explained that they are foolish.
“Anyone saying ‘If you remove food and fuel from the CPI, inflation really isn’t that bad,’ try to live without food and gas for a month and let me know how that goes,” Washington Times columnist Tim Young wroteOn Twitter
How do you feel about Wednesday’s record setting CPI data? Comment below to share your thoughts.
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