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According to the latest report from the Bureau of Labor Statistics Consumer Price Index (CPI), US inflation is still burning as it has risen at the fastest annual rate since 1981. June’s CPI data reflected a 9.1% year-on-year increase , although a number of bureaucrats and economists thought May’s CPI data would be the record.
Inflation continues to climb higher in the Americas as CPI figures for June show another monthly increase. “Over the past 12 months, the index for all goods has increased by 9.1 percent before seasonal adjustment,” the Bureau of Labor Statistics report notes. “The increase was broadly based, with the indices for petrol, shelter and food as the largest contributors.” The increase in inflation in June was another record increase as it rose at the fastest pace since November 1981.
Following the publication of the CPI report, US President Joe Biden’s administration addressed the issue. The White House also claimed that the data is already outdated and the CPI report does not reflect “the full effect of almost 30 days of falling gas prices”. The White House actually says that “core inflation” has fallen for the third month in a row.
“Importantly, today’s report shows that what economists call annual ‘core inflation’ fell 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 said. on Wednesday.
According to Bloomberg, the news publication examined a number of economists, and they expected that the CPI data for June would come in at 8.8%. With a massive inflationary pressure it is now assumed that the US Federal Reserve must be “even more aggressive”. In addition to the CPI figures that came in on Wednesday morning, the day before, the Bureau of Labor Statistics reported on an image that had displayed “fake” KPI data. The fake KPI number that was seen on social media so The CPI data will come in at 10.2%.
After the actual report was released, the stock market saw significant losses as the Dow Jones Industrial Average lost 400 points. All major stock indices are down and the price of bitcoin (BTC) fell from the $ 19,900 region to a low on July 13 of $ 18,906 per unit. Precious metals also fell in value as silver fell by 0.58%, and gold fell by 0.41% on Wednesday.
Inflation-adjusted income has been negative during 88% of Biden’s presidency.
Next month, real incomes will be down for the 16th month in a row: the longest stretch ever pic.twitter.com/JO0v7ju04S
– zerohedge (@zerohedge) July 13, 2022
While the real KPI figures were discussed on Wednesday morning, many tried to assimilate what the figures would have been without food and petrol added to the equation. However, critics of this type of statement explained how foolish they were.
“Anyone who says ‘If you remove food and fuel from the CPI, inflation is really not that bad,’ try living without food and gas for a month and let me know how it goes,” Washington Times columnist Tim Young wrote on Twitter.
What do you think of the record-breaking CPI data released on Wednesday? Tell us your thoughts on this topic in the comments section below.
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