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‘Highly elevated’ June inflation numbers put Biden on the defense

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13.07.2022

Inflation surged to 9.1% in June, a new 40-year high that has policymakers racing to rein that number in without triggering a recession. Meanwhile, President Biden and the White House are trying to downplay the drama as less bad than it sounds, so everybody, please, just chill.

Released Wednesday morning, the federal government’s closely monitored monthly Consumer Price Index showed prices rose another 1.3% in June, above May’s already-worrisome-high prices. The main contributor was energy costs, which have now climbed by 41% this year—the most since 1980. The 7.5% hike in CPI’s energy index (meaning fuel, oil, gas, and electricity) accounted for almost half of June’s inflation. The food........

© Fast Company


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