Fueled by soaring energy prices, U.S. inflation rose 9.1% in June, the most since November 1981.
The increase surpasses the 8.8% Dow Jones estimate. (RELATED: Is Inflation Worse Than the Numbers Look? Elon Musk Thinks So!)
Besides the cost of gas and groceries, rent and medical care experienced the most significant monthly changes in decades.
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Inflation-adjusted hourly earnings continue to fall, down 1% over June and 3.6% over the past 12 months. (RELATED: Here's Exactly How Biden Inflation is Robbing You)
CNBC further reports:
Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared with the 5.7% estimate.
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%.
Taken together, the numbers seemed to counter the narrative that inflation may be peaking, as the gains were based across a variety of categories.
“CPI delivered another shock, and as painful as June's higher number is, equally as bad is the broadening sources of inflation,” said Robert Frick, corporate economist at Navy Federal Credit Union. “Though CPI's spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”
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Anyone who is surprised has not been paying attention or does not know basic economics.
That number is a LIE! The true number is between 26% and 33%. But with those numbers we would already have taken over the white house. They must be using common core math to come up with these lies.
Do you feel it’s being honest with your readers to sweep under the rugs what the biden’s are doing to the United States? joe biden and his China first policy are failing across both parties. He is not wanted in 2024 and will be cause for his impeachment after the midterms, just hope the biden monies they collected for” what ever they promised to do for it” is returned to those Un American adversaries where it should have stayed all along, we do not need the joe and hunter’s America last policy in our Country. Because the truth is on hold because of politics does not mean what’s happening now and has come to light is not true, you should be allowing your readers the truth not like the controlled press who also has accepted large amounts of money from China not to inform their readership. Do you wonder at all why millions of barrels of oil are being shipped to China from our US National reserve is not a national security risk to our Nation? It’s your oil also paid for by American tax payers.
Let’s be clear, inflation is twice as high as it was in the early 1980s. The algorithm the government uses to calculate inflation has changed three times since then. Each time designed to produce a lower number for inflation. Using the method used in 1980, so you have an apples to apples comparison the current inflation rate is 18%!
Just think: had the constitutional framers (like their early 1600 predecessors) established government and society upon the Bible’ immutable/unchanging moral law (including its economic and taxing statutes), today’s ever-escalating inflation and debt would be unheard of
There would, furthermore, be no Federal Reserve, nor its mistress today’s usurious fiat banking system, nor its enforcement arm the Internal Revenue Service.
There would also be no graduated income tax, no property tax, no sales tax, nor any of the other sundry unbiblical taxes, resulting in prosperity beyond our wildest dreams.
For more on how the Bible’s triune and integral moral law (the Ten Commandments and their respective statutes and judgments apply and should be implemented as the law of the land, see free online book “Law & Kingdom: Their Relevance Under the New Covenant” at Bible versus Constitution dot org. Go to our Online Book page and scroll down to title.
See also Chapter 25 “Amendment 16: Graduated Income Tax vs. Flat Increase Tax” of free online book “Bible Law vs. the United States Constitution: The Christian Perspective.” Click on the top entry on our Online Book page and scroll down to Chapter 25.