ECONOMY Inflation rose 9.1% in June, even more than expected, as consumer pressu

[Hobby]

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday.

The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.

Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared with the 5.7% estimate. Core inflation peaked at 6.5% in March and has been nudging down since.

On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.

https://www.cnbc.com/2022/07/13/inflation-rose-9point1percent-in-june-even-more-than-expected-as-price-pressures-intensify.html


Gas prices are dropping, Stocks are dropping, and Biden's Approval is dropping... inflation continues to rise!

[dogwalker]

Article indicates it but "freak out" headline does not so I'll emphasize it increased 9.1% since last June not in a single month of June.

[Danno]

the food I buy at the store has not gone up at all, just need to know how to do it

[bladegunner]

share the magic.

[Danno]

Inflation is based on three factors: supply, demand, and time.

Biden's role in rising inflation has been demand. By getting 85% of businesses and 95% of schools that closed in 2020 reopened, we saw a record drop in unemployment as a record number of jobs were added or recovered and a record number of new businesses started up. That greatly increased the demand for goods. So yes, the "Biden Boom" helped bolster inflation, but that's only part of the story.

The other side is supply. Beginning in 2017, it started getting harder and harder to get components thanks to the former guy's trade war. Not only did it slow the supply chain and raise prices, but by the end of 2018, we saw almost 2,000 American manufacturing plants close. And he was just getting started.

The previous administration also dismantled the pandemic response team Obama/Biden left in place, and when faced with a pandemic, they refused to offer any national strategy to keep the country safe for commerce. In fact, the former President attacked leaders on the state and local level for taking common sense measures to slow the spread. As a result, we saw numerous and repeated shutdowns, which greatly hurt our supply lines. But there's still more.

In April 2020, with gas prices at their lowest since Obama was in office, the former guy said low gas prices were bad for America and vowed to fix the "problem". He pressured OPEC into a two-year deal to slash oil production to drive up prices. Over the following year, the country remained largely closed and fuel consumption stayed low, yet fuel prices rose 52%, putting them back at pre-pandemic levels. Once Biden helped get the country reopened beginning in Spring of 2021, consumption increased and over next twelve months, prices rose another 49%. Higher gas prices thanks to the former guy's deal mean everything is more expensive. We rely on fuel to deliver almost everything we buy. Farmers especially use a great deal of fuel to produce crops as it powers the machinery that plows, sows, and harvests crops.
So who should we blame for inflation? The President who helped restart the economy and increased demand, or the President who killed a growing economy and sabotaged our supply of oil and goods?