Inflation Exceeds Forecasts Again, Consumer Prices Highest in Over 40 Years
Consumer prices are up 9.1% over the last 12 months.
-There will be no inflation
-inflation is transitory
-inflation is good for you
-inflation only hurts the rich
-inflation is consumers’ fault
-inflation is greedy biz’s fault
-inflation is Putin’s fault
-inflation is backward looking!
-breadlines are a great way to meet people
— Carol Roth (@caroljsroth) July 13, 2022
Inflation in the country has once again exceeded forecasts, jumping 9.1 percent in June compared to the same period of last year, the Department of Labor said on Wednesday.
This is the largest increase since 1981.
“In June, the Consumer Price Index for All Urban Consumers rose…9.1 percent over the last 12 months, not seasonally adjusted.” reads a release by the US Bureau of Labor Statistics.
The Bureau’s data shows that all items measured except for food and energy became on average 5.9% more expensive over the year.
Economists, meanwhile, had predicted an 8.8% year-on-year print, according to Bloomberg. The higher reading reflects larger than anticipated increases in gasoline, accommodation and food costs. The report has pushed Treasury yields and the dollar higher, while US stock futures have fallen, Bloomberg notes.
9.1% inflation but no mean tweets!!!
— Donald Trump Jr. (@DonaldJTrumpJr) July 13, 2022
In an effort to tame the soaring inflation, the Federal Reserve has embarked on a rate-hike cycle, which included a 75 basis-point increase at its most recent policy meeting in June, the most aggressive hike since 1994. Another hike of similar scale is expected later this month. Critics of the Fed’s policy have warned that further rate hikes could plunge the country into a recession.
Brutal inflation report shows a devastating increase of 9.1.% year-over-year. Bidenflation is wreaking havoc on workers, families & small businesses – a consequence of anti-American energy policy, exorbitant borrowing & printing of money & counterproductive federal regulations.
— Ron DeSantis (@GovRonDeSantis) July 13, 2022
"9.1 percent inflation is unacceptably high," says @DLoesch.
And that's the "fudged with" number, @caroljsroth explains.
"And the worst part is that it was all completely avoidable." pic.twitter.com/J5RxmztqSr
— The First (@TheFirstonTV) July 14, 2022