Inflation surged to a dismal 9.1% in June, spiking to its highest level at least in forty-plus years. Americans face record gas prices, soaring rents, and abnormally high grocery bills.
THE BIDEN PRICE HIKE AND DEMOCRAT DEMOLITION OF THE ECONOMY
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.
So-called core prices, which exclude more volatile measurements of food and energy, climbed 5.9% from the previous year. Core prices also rose 0.7% on a monthly basis – higher than in April and May – suggesting that underlying inflationary pressures remain strong and widespread.
The biggest problem is the Core CPI barely dropped from 6.0% to 5.9%, showing this inflation is ENTRENCHED and not going away without a deep recession.
They have no solution except to raise interest rates, pushing us into recession.
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 higher-than-expected inflation reading in June.
DANGEROUS SIGNS IN THE PRICE HIKES
via Fox Business
Price increases were extensive, suggesting that inflation may not be near its peak.
Energy prices rose 7.5% in June from the previous month, and are up 41.6% from last year.
Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May.
The food index climbed 1% in June.
Shelter costs – which account for roughly one-third of the CPI – sped up again in June, climbing 0.6%, matching an 18-year high set in May.
On an annual basis, shelter costs have climbed 5.6%, the fastest since February 1991.
Rent costs surged in June, jumping 0.8% over the month, the largest monthly increase since April 1986.
Another data point that measures how much homeowners would pay in equivalent rent if they hadn’t bought their home, also jumped 0.7% in June from the previous month.