Inflation Rises 9.1% — Largest Increase in Over 40 Years
The Consumer Price Index (CPI), which is an indicator of inflation, rose 9.1% between June 2021 and June 2022, reported the Bureau of Labor Statistics (BLS) today. That increase is “the largest 12-month increase since the period ending November 1981,” said the Bureau.
The CPI specifically tracks the prices for goods and services paid by urban consumers over time — urban consumers and urban wage earners represent about 93% of the U.S. population.
As the BLS charts show, the CPI for all items — food, energy, gasoline, cars, shelter, and medical care services — rose 9.1% from June to June. In May, the CPI hike was 8.6%.
Back in January 2021, when President Donald Trump left office, the CPI was 1.4%. It has risen every month — except in August 2021 — that President Joe Biden has been in office.
The “food” index rose 10.4% over the last 12 months for June, reported the BLS, and the “food at home” index rose 12.2%.
(Screenshot, Bureau of Labor Statistics)
Gasoline (all types) rose 59.9% from June to June, and fuel oil for homes and other use rose 98.5%, said the BLS.
The national average price for one gallon of regular gasoline is $4.63. A gallon of diesel is $5.61.
When President Trump left office, the average price of one gallon of gasoline (all formulations) was $2.37.
The CPI for “electricity” is up 13.7% June to June, and the price of new cars is up 11.4% The price of used cars and trucks is up 7.1%.
According to White House Press Secretary Karine Jean-Pierre, the first black female lesbian to hold the position, the White House has “a plan” to fight inflation. White House Deputy Press Secretary Karine Jean-Pierre speaks during the daily briefing in the Brady Briefing Room of the White House in Washington, DC. (Getty Images)
“I don’t think it’s that our plan is not popular with the American people,” Jean-Pierre said last week. “We know that the American people are feeling the high costs. We understand what they are feeling because when you look at inflation, when you look at where we are economically – and we are stronger economically than we have been in history – when you look at the unemployment numbers at 3.6%, when you look at the jobs numbers, more than 8.7 million new jobs created, that is important.”
In response to Jean-Pierre’s claim, the group FreedomWorks tweeted, “In other news, the Earth is flat.”
Sen. Ted Cruz (R-Texas) said of Jean-Pierre’s claim, “Every American — except those working in the Biden White House apparently — knows that this is not true.”