Inflation Higher Again, Wreaking Havoc On Poor And Middle Class

Gas prices at a Raleigh station. Carolina Journal file

By Carolina Journal Staff

Inflation hit another 40+ year high last month as the consumer price index jumped up 9.1% over the calendar year. The CPI is a broad measure of goods and prices related to the cost of living in the U.S. The June numbers are a 1.3% increase from May’s inflation numbers.

Driving the higher costs is the price of oil, which is up almost 100%. Gasoline costs at the pump are up 60%, and food at the grocery stores has increased 10.4%. The rising costs are nearly a couple of percentage points higher for food costs outside of grocery stores. Overall, energy costs are up 41.6%.

“Among the few major component indexes to decline in June were lodging away from home and airline fares,” declared the report.

Given that they have less discretionary income to spend, Americans with modest or fixed incomes are hit hardest by the price increases.

The June numbers are a discouraging sign for the White House, whose administration previously called inflation a temporary or “transitory” phenomenon. In 2021, President Biden’s Treasury Secretary Janet Yellen called inflation “a small risk.”

Some economic experts and lawmakers point to the cause being the loose monetary policy by the Federal Reserve and the excessive spending of federal dollars in Washington, particularly during the COVID-19 pandemic.

President Biden called the June inflation report “unacceptably high” but added that it is “also out of date.” Biden pointed to lowering gas prices as not being factored into the CPI report and pointed to inflation as being a “worldwide event” that is not unique to America. Biden added that tackling inflation is his top priority.

“13 months ago, the Biden White House called inflation ‘transitory’ and predicted that it would be 2.1%,” wrote U.S. Rep. Ted Budd on Twitter. “It’s 9.1%. Make no mistake, the Biden administration has failed and everyday North Carolinians are paying the price.”

Budd is facing former NC Supreme Court chief justice and Democrat nominee Cheri Beasley to replace retiring U.S. Sen. Richard Burr in the U.S. Senate.

U.S. Sen. Thom Tillis echoed many of Budd’s complaints about President Biden’s handling of inflation and the impact it is having on families.

“This is the worst inflation we’ve seen in decades, and it’s crushing hardworking North Carolinians,” wrote Tillis. “The Biden administration’s only answer has been pushing for more wasteful spending that will make inflation even worse and cost Americans even more of their paychecks.”

12 COMMENTS

  1. “Rising energy and food prices—fueled in part by Russia’s invasion of Ukraine, which has blocked flows of agricultural imports and fuel—have elevated inflation around the world.

    Inflation in the U.S. hit a 40-year high in May when consumer prices rose 8.6% in the 12 months ending in May—but the country is not the only one to see rising costs: A host of European nations, as well as Israel and South Korea, have also witnessed huge surges in inflation since the start of the pandemic.

    Inflation spiked in Europe in May—and in particular, in Germany, France, Spain and Italy—reaching a record high of 8.1%, up from 7.4% the previous month, caused by rising energy and food costs sparked by the war in Ukraine.

    Inflation rates in the United Kingdom exceeded those in the U.S. in May, also hitting a 40-year high at 9.1%, up from 9% the month before, sparked by rising food costs and soaring energy prices exacerbated by Russia’s invasion.”

    Full article: https://www.forbes.com/sites/madelinehalpert/2022/06/23/inflation-goes-global-its-not-just-rising-in-the-us-but-europe-south-korea-and-more/

  2. Dana Carvey roasts Biden on Kimmel…it wont be long now. The “You must think like us”/monopolization of public opinion hollywood elites are turning on him, and it’s just a matter of guessing whether they 25th him, or he resigns.

  3. Duke energy and everyone had talked about raising cost 2 years ago Everyone seen how much people needed things and no matter what circumstances they where in that they would pay for it Half the country was out of work and still spent money on things and these company’s seen it so why not raise prices There is no shortage. Company’s are using this to keep prices high. Also gas is under $4 in Johnston county. Not to mention the tariffs trump out on everyone. They told him it would take time but the consumers would end up paying for this. Well here we go paying for it. But no matter what the finger will be pointed at Biden . How about all of these other countries and their inflation most are worse than ours. Biden isn’t their president

  4. DJIA up nearly 5% in past 2 months,

    US unemployment rate remains below 4%,

    US annual GDP growth above 3%,

    US trade deficit reduced by $1.1M in past 5 months,

    US exports up nearly 2% to an all-time high of $255.9 billion.

    What’s the famous quote…. “There are three types of lies — lies, da*n lies, and statistics.”

    • The unemployment rate is a false number because it only takes into account people actually collecting unemployment or seeking employment. There are lots more people out of work by choice for many reasons: to homeschool their kids now, vax mandates, mask mandates, testing, etc. These people are not part of the unemployment numbers and there are lots and lots of them! There are also people who have fallen off the unemployment rolls as they were maxed out on benefits.

  5. It’s funny to me that the price of gas has plummeted over the past month, but the price of everything else has either stayed the same or increased. As gas prices were skyrocketing a few months ago, restaurants and businesses were raising their prices as fast as they possibly could. They said they had to to offset the rising fuel/shipping costs. Okay, point taken. But now with gas prices plummeting, wouldn’t you think they would be jumping at the chance to lower prices to help give us average people a break? Not a chance! There’s way too much corporate greed involved. They’ve got to keep that profit margin strong. For some, almost at record levels. I understand that rising gas prices meant rising cost of doing business. But now that cost is going down quickly. Why not share that savings with us regular folks?

  6. If you are enjoying this be sure to thank a democrap. If you don’t vote enjoy the CRAZY that has overtaken our country, then vote them out. Also let’s also vote out any RINO’s, they are just as bad.

  7. The releases from the Strategic Oil Reserves are just a band aid and releasing barrels from it is only supposed to be in a time of war and not because you’re doing some bulls*** token gesture to make it appear as if you care about the suffering bought on by your effed up policies.

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