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Inflation in the United States is still burning hot, rising at the highest yearly pace since 1981, according to the most recent Consumer Price Index (CPI) data from the Bureau of Labor Statistics. Even though many officials and economists believed May’s CPI data would be the record high, June’s CPI data showed a 9.1% year-over-year increase.
US Inflation Keeps Printing Constantly New Highs
As the CPI figures for June reveal another monthly increase, inflation in America is still rising. The Bureau of Labor Statistics report states that “during the past 12 months, the all items index climbed 9.1% before seasonal adjustment.”
The indices for fuel, housing, and food were the biggest contributions, although the increase was widespread. Another record-breaking jump in inflation occurred in June when it climbed at the quickest rate since November 1981.
The government of American president Joe Biden addressed the issue when the CPI report was released. Additionally, according to the White House, the CPI report does not “represent the full impact of nearly 30 days of declines in gas prices” and the data is already out of date. In reality, according to the White House, “core inflation” has decreased for a third consecutive month.
As stated in Biden’s statement on Wednesday, “Importantly, today’s report indicates that what economists term annual ‘core inflation’ fell down for the third consecutive month and is the first month when the annual ‘core’ inflation rate is below six percent.”
Bloomberg claims that after polling several economists, it was predicted that the June CPI report will show an increase of 8.8%. It is currently believed that the U.S. Federal Reserve will need to be “even more active” due to a significant inflation print. In addition to the CPI figures that were released on Tuesday morning, the Bureau of Labor Statistics also released a report on a picture that featured “fake” CPI statistics. According to the fictitious CPI figure that circulated on social media, the CPI statistics would be 10.2%.
Shuddering Stock, Gold, and Crypto Markets US Inflation Report Following Publication
The stock market suffered severe losses after the announcement of the actual data, with the Dow Jones Industrial Average dropping by 400 points. The price of bitcoin (BTC) dropped from the $19,900 range to a low of $18,906 per unit on July 13. Every major stock index is down as well. Silver and gold both had price declines of 0.58 and 0.41 percent, respectively, on Wednesday. On Wednesday morning, while talking about the actual CPI figures, many individuals tried to imagine what the figures would be like without food and gasoline.
However, detractors of these types of claims demonstrated why they were absurd.
Anyone who claims that inflation isn’t all that awful if you take food and gas out of the CPI should try going a month without them and report back to Tim Young, a columnist for the Washington Times, on Twitter.
