Consumer Prices Rise to 9.1% As Americans Struggle Under Biden’s Economy

Inflation was already at a 40-year high.

QUICK FACTS:
  • The annual inflation rate rose to 9.1 percent in June, according to recent Labor Department statistics released on Wednesday.
  • Economists expected the problem to be troubling, predicting a rise of 8.8 percent, up from May’s 8.6 percent increase.
  • The statistics outpaced the past two months and are especially troubling due to the increased Consumer Price Index, which was up 1.3 percent.
  • June is the 13th straight month that inflation has been higher than five percent, which creates an environment where price increases top decade highs achieved last year.
CRITICAL PRICE INCREASES:
  • Grocery store prices were up 12.2 percent annually and saw an increase of one percent last month.
  • Energy prices are up a whopping 41.6 percent annually and saw an increase of 7.5 percent since May of 2022.
  • Gasoline has been a point of contention for many, and with good reason, as it saw an 11.2 percent increase in June and a 59.9 percent increase over this time last year.
BACKGROUND:
  • The economic squeeze on American families has instigated a blame game on Capitol Hill.
  • Republicans have blamed President Joe Biden for his economic choices, including the choice to shut down domestic oil extraction.
  • Democrats, on the other hand, have attempted to blame higher prices on corporations and price gouging, which has been largely met with scorn, even by liberal economists.
  • Biden has blamed both his predecessor President Donald Trump’s policies as well as Russian President Vladimir Putin’s conflict with Ukraine for the price increases.