According to the latest Bureau of Labor Statistics Consumer Price Index (CPI) report, U.S. inflation remains scorching hot as it has risen at the fastest yearly rate since 1981. June’s CPI data reflected a 9.1% year-over-year increase, even though a number of bureaucrats and economists thought May’s CPI data would be the record peak.
“Importantly, today’s report shows that what economists call annual ‘core inflation’ came down for the third month in a row, and is the first month since last year where the annual ‘core’ inflation rate is below six percent,” Biden’s statement detailed on Wednesday.
After the real report was released, the stock market saw significant losses as the Dow Jones Industrial Average shed 400 points. Every major stock index is down and the price of bitcoin (BTC) slipped from the $19,900 region to a July 13 low of $18,906 per unit. Precious metals also dropped in value as silver dipped by 0.58%, and gold slid by 0.41% on Wednesday.
Inflation adjusted earnings have been negative during 88% of Biden’s presidency.
While the real CPI numbers were discussed on Wednesday morning, many people tried to assimilate what the numbers would be without food and gasoline added to the equation. However, critics of these kinds of statements explained how they were foolish.
What do you think about the record-setting CPI data that was published on Wednesday? Let us know your thoughts about this subject in the comments section below.
