The Bureau of Labor Statistics, which publishes the Consumer Price Index shows that prices for food, housing, and energy are continuing to increase. The CPI increased 1.3% in June after rising 1% in May. Over the last 12 months, the all items index increased 9.1% before seasonal adjustment. The increase shows indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5% over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2% and the other major component indexes also rising. The food index rose 1% in June, as did the food at home index.
Alaska Sen. Dan Sullivan addressed the latest report from the Labor Department saying:
“Today’s announcement of record inflation confirms what American families already know: President Biden’s disastrous policies are making it harder and harder for American families to pay their bills, put food on their tables, and fill up their vehicles – essential tasks that many wouldn’t have thought twice about just 18 months prior. Alaskans are hurting and I’m tired of the excuses from this administration – from denial to calling inflation “transitory” to casting blame on President Putin – enough with the excuses.
“Americans deserve the truth: these price hikes are the result of significant policy errors, including the budget-busting socialist spending spree from last spring and an intentional plan by the Biden administration to force upon the American people an “incredible transition” to renewables by any means necessary. Despite all this, Democrats are trying to resurrect their reckless tax and spend plans at the worst possible time. The insanity needs to stop. Unleash American energy, stop the socialist spending, and no new taxes!”
ABC’s Whit Johnson stated that prices for everything continue to rise:
“They’re even worse than many analysts were expecting. 9.1% inflation – that’s the highest level since 1981. It’s a significant jump from last month’s report, at 8.6%. The high inflation figure could push the Fed to raise interest rates even more aggressively.”
According to the CPI summary, the 9.1% marks the largest 12-month increase since the period ending November 1981. The all items less food and energy index rose 5.9% over the previous twelve months. The energy index rose nearly 42% over the last year, the largest increase since the period ending April 1980. The food index increased 10.4% for the 12-months ending June, the largest 12-month increase since the period ending February 1981.
Click here to read the entire report.
