Biden Slammed With Another Awful Inflation Report – By Yuval Rosenberg and Michael Rainey (The Fiscal Times) / June 10, 2022
Welcome to the weekend! Here’s what’s happening.
More Bad News for Biden: Inflation Hits a New 40-Year High
Consumer prices rose at an annual rate of 8.6% in May, the Bureau of Labor Statistics announced Friday, as inflation hit the fastest pace in 40 years. On a monthly basis, prices rose by 1%, more than triple the 0.3% month-over-month rate recorded in April.
Price increases were broad-based, with energy, food and housing leading the way. Energy costs rose 3.9% in May — and 34.6% over the last 12 months — as gasoline hit record prices in the U.S. The cost of groceries jumped 11.9% on an annual basis, the biggest increase since 1979. And the cost of shelter picked up speed in May as well, rising at an annual rate of 5.5%, the biggest jump in over 30 years.
Core inflation — a measure that leaves out volatile food and fuel prices and is closely watched by the Federal Reserve — increased at a 6.0% annual rate, higher than in April and slightly above expectations.
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