Inflation hits 9.1% in June, highest since 1981 in alarming surge
By: Thomas Barrabi (New York Post)
Will it ever end. Gotta love Democrat policies that promote prosperity..................../S
S E E D E D C O N T E N T
By Thomas Barrabi
Inflation surged 9.1% in June, spiking to its highest level since November 1981 as Americans faced record gas prices, soaring rents and abnormally high grocery bills.
The dismal reading released by the Labor Department on Wednesday will ratchet up pressure on President Biden, who has faced widespread criticism over his muted initial response to inflation as higher prices slammed household budgets.
On a monthly basis, the Consumer Price Index, a closely watched inflation gauge that measures what consumers paid for goods and services, rose 1.3% from May to June.
The core CPI, or the price of goods excluding volatile food and energy costs, was 5.9% on an annualized basis.
The numbers also increase the likelihood that the Federal Reserve will move forward with another steep rate hike at its meeting later this month. The Fed hiked its benchmark interest rate by three-quarters of a percentage point for the first time since 1994 after a higher-than-expected inflation reading in June.
"Across the economy, consumers, business leaders, investors and regulators are all asking the same question: When will inflation peak?" Bankrate senior economic analyst Mark Hamrick said. "Central bankers were caught flatfooted and are now trying to play catch-up and recover some of their bruised credibility."
The White House warned that gas prices would push the CPI's headline number to high levels in June.Getty ImagesGas prices have moderated slightly since hitting an all-time high on June 14.Getty Images
As The Post reported, White House officials began a campaign to spin the numbers before they were released - with top Biden economic advisers Brian Deese and Cecilia Rouse noting in a memo that the data "will largely not reflect the substantial declines in gas prices we've seen since the middle of June."
White House Press Secretary Karine Jean-Pierre also warned that the "headline number" for the CPI - meaning its reading with the price of volatile food and energy prices included - was likely to be "highly elevated" due to the gas prices.
There are some signs that inflation is nearing its peak after months of increases. The national average gas price has fallen steadily in recent weeks, dropping to $4.631 per gallon on Wednesday after reaching an all-time high of $5.016 on June 14.
Higher food prices are a key driver of inflation.Getty Images
Hours before the Labor Department's June CPI report was published, a widely circulated fake report claiming inflation hit 10.2% last month sent stocks plunging to session lows.
The Bureau of Labor Statistics tweeted Thursday afternoon that the report was fake.
"We're aware of a fake CPI release image circulating on Twitter. It is a fake. Stay tuned for the real CPI release tomorrow at 8:30 AM ET," the department said.
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Are ya sorry yet? What The Holy Shit
The story of the day. Normal human beings are concerned.
The midterms will all about the bread & butter issues.
Sorry Susan.
Biden setting all kinds of records. Record inflation, record high gas prices.
And he did it all deliberately, all on behalf of a radical green energy policy, buying votes and "inclusion/division!
Record number of illegals entering the country.
And with this administration, there is nothing in the works to slow the problem.
Record number of Democrats that "DON"T" want him to run again.
I think they know it exists. But to do something would mean that they are culpable.
Words of wisdom from the VP.
Deep Thoughts with Kamala.
I think 1000 island would be better. An island for every unnecessary word used and that base is Russian dressing so the Dems have something to blame it on
Record numbers of illegal aliens, drug-cartel lethal illegal drugs, human smuggling.
All will be Biden's legacy.
That and having an administration, that among the rising inflation, gas prices, illegal immigration, drugs and human smuggling chose to ignore all that and "investigate" a protest.
Maybe Mr. Obama can share with Mr. Biden the Subaru dealer he got his Legacy from...................
I should be getting a stellar raise in my VA Disability next year!
Biden did that!
That chart doesn't say Biden did, or didn't do, anything, but then again why do I care? I'm doing better this year than I've done in a very long time. Looks like I'll be doing even better next year. I even ordered a new 2023 car from a local dealer two weeks ago yesterday. Can't wait to get it.
Yeah I get that. It doesn't change my point.
Weren't those the progressives you pointed out in one of your seeded articles would be so much worse if they had their way? What way do these Dems think we should be going with the economy? What way does that work with any posted Republican platform?
No, my point was the chart Vic posted didn't corroborate his conclusion it was Biden's fault. It may or may not be his fault but Vic's post doesn't support the conclusion.
No. Are all Republicans Christian Nationalists?
I'm saying people posting here should be backing up their posts with supporting facts.
You brought it up, you support it.
If you read many of the comments from the progressives/liberals/democrats here in NT you would think so. Besides what is wrong with being a Christian or think America is the best country ever?
Which I already agreed to.
I asked YOU if the Democrats YOU brought up were progressives and why they apply to the supposition the inflation rate is all Biden's fault.
All that poll says is that people are unhappy with Biden, the economy and the SCOTUS. It doesn't say Democrats think the economy is Biden's fault as Vic was originally trying to point out and you seem to want to support.
that can be a good thing for many people, just don't try to force it on others or make it law.
And, I think America is the best country ever!
I've already agreed to that twice. If that's your only point then further discussion is unnecessary.
Is it Trump, COVID or Reaganomics? I don't know. The whining changes with the wind.
Which I never did.
Let's recap shall we?
Vic: Here's a cool chart (shows a correlation) It's Joe's fault.
Me: Correlation isn't proof of causation.
Tex: The President sucks. Even his own party doesn't like him.
Me: Okay. How does #1 prove causation? Does #2 even apply?
Tex: The President always sucks. Here's a poll that says the President sucks.
Me: Yes people think the President sucks. Why are we talking about that?
Tex: Everyone thinks President sucks. You agree everyone thinks the President sucks. The article doesn't blame the President.
Blame, tangential charts and polls are not supporting fact of cause. That's my fucking point. Blame is not proof of cause. If a person post A = B, they better well fucking supply some fact(s) to support it.
Are we done now?
So now you agree with me?
Then why did you join the discussion in the first place?
Where did I say you lied?
How will Joe spin this?
1. denial
2. denial
3. denial
And his supporters will do the same while they try to shout you down.
4. Blame Putin
5.Blame Trump
Then you have to add on the never ending and ongoing "shrinkflation" that gives you less product for the same price. Some prices on grocery items are broken down to three decimal places.
And let us not forget about the extra spending by this administration thru the use of EO's, spending that was not approved by Congress. According to accounting by the CBO, the total comes up to $532 billion. How you can continue to spend all this money when inflation is already out of control is a huge mystery, unless you want to believe that the administration wants to make more people reliant on the government and speed along the transformation of the country.
But but but.......Putin
But but but.......Covid
But but but.......Republicans
But but but.......Meat industry
But but but.......Oil companies
But but but.......Americans that refuse to buy electric cars.
But but but.......Everything and everyone except Joe and his shitty policies.
You forgot that he blamed mom & pop gas station owners, too.
"President Joe Biden is reportedly still haggling with Washington Democrats to revive some version of the legislative Frankenstein that is their $5-trillion Build Back Broke agenda. Having failed thus far to convince his own party to support his policies, Biden is finding new ways to rewrite America’s laws through executive actions, spending more than half a trillion worth of tax dollars in the process.
These executive actions have become so common place in the Biden administration — with 530 undertaken so far – and the implications for taxpayers so glaring, that I asked the Congressional Budget Office (CBO) to determine the cost of Biden’s eight most expensive executive actions. The results are stunning: in just 16 months, Joe Biden has charged American taxpayers $532 billion — all with no input from the American people themselves or a vote by their elected representatives in Congress."
He is still spending...unlawfully!!!
What's really scary is that inflation had already started spiking in June of last year, so it's 9% over an already inflated mess.
Really sad part is there is no good reason for the people to be suffering.
This is hilarious:
Does Brandon think this report is from 40 years ago?
Like releasing oil from the reserve only to have it go overseas?
How very Kim, Jong Un of him.
Ok, I'm with that one. But where does he think the money is going to come from to pay for his out of control spending? I recommend that the money come from the salaries and retirments of EVERY politician whose pork laden bills increases spending. But we all know that will never happen.
Where the hell did Brandon get that Republicans want to raise taxes?
They aren't Democrats!
Another lie from the human fuck up machine.
I was going to mention that but you know how the left likes to deflect and shout everybody down. Didn't feel like dealing with the trolls.
But according to the left, the only person who lies was the previous POTUS. Never Biden in his 50 years of "fuckupery"
Hey! Gas prices have come down and it is because of biden's policies. His policies have raised inflation gas prices so high that people can no longer buy things or drive anywhere so demand is down so prices have lowered slightly. Also with the costs of everything so high, even with the raises many people got they have less money to spend than before.
Way to go Joe! Making everyone poorer and making prices so high no one can afford to buy things is a great way to ruin, oops, I mean run a country!/ S