A Key Inflation Point Has Hit ANOTHER Record High!

It only takes a Biden to destroy America, once the well-respected country in the world.

Once again, Joe Biden did it! He reached another milestone – a record-breaking one. Inflation accelerated to an explosive 9.1% for the 12 months ending in June, according to the consumer price index, the highest level in four decades.

Americans get pummeled by record gas prices, soaring rents, and stiff grocery over Joe Biden’s muted initial response as higher prices slammed household budgets.

The consumer-price index’s reading for June was higher than May’s annual rate of 8.6% which led Fed officials to shift to a faster pace of interest rate increases.

Stocks fell after the release of the data. Investors were closely watching the report for clues about the outlook for central-bank policy and the wider economy.

According to the New York Fed:

“Disagreement across respondents in their five-year ahead inflation expectations has been trending up during this period and increased again in June. Median inflation uncertainty — or the uncertainty expressed regarding future inflation outcomes — increased at the one-year ahead horizon to a new series high, but remained unchanged at the three-year ahead horizon. Uncertainty at the five-year ahead horizon increased.”

The soaring inflation has eaten into Joe Biden’s approval ratings as the midterm elections approach. Consumer prices have been rising fast since last August, especially for staples such as food and gas. In fact, until March’s CPI report, inflation had risen every month for eight months.

Rising energy prices accounted for half the total inflation, with the gasoline index rising a whopping 11.2%.

More details of this report from The Daily Wire:

Nearly 70% of the United States’ economic output hinges upon consumer spending, according to the U.S. Bureau of Economic Analysis, and a drop in consumer sentiment often occurs alongside a recession. Indeed, as other signs appear to point toward an economic downturn, the University of Michigan’s benchmark Survey of Consumers reached its lowest level since 1952 in May.

Beyond expected increases in price levels, the median expected change in home prices one year from now fell from 5.8% to 4.4%. The change occurs as mortgage rates continue to rise and sentiment among home builders plummets.

Meanwhile, consumers foresee paying 0.1% more for gas, rent, medical care, and college education. As gas and food prices increase at their highest paces in decades, inflation continues to surpass nominal wage growth — leading to a 3% year-over-year drop in real wages as of May.

Americans are therefore relying upon savings to make ends meet. The personal saving rate — the portion of disposable income Americans devote to savings — was 5.4% as of May, according to a report from the U.S. Bureau of Economic Analysis. Remaining below 6% for every month of 2022, the measure is far from the typical 7% to 9% seen over the previous decade.

National average gas prices have seen a decline from above $5.00 per gallon in early June to $4.68 per gallon as of Monday, according to AAA. On the day of President Joe Biden’s inauguration, gas cost $2.39 per gallon.

Source: DailyWire