According to the latest data released Wednesday, inflation increased yet again in June—9.1% over the past year, marking another 40+ year record high. The cost of everyday staples rose along with the inflation rate. The price of eggs went up 33.1%, meat 8.2%, gasoline 59.9%, used cars 7.1%, and airline travel 34.1%. This is in addition to supply shortages wreaking havoc on everyday life.
Joel Griffith, research fellow in economic policy studies at The Heritage Foundation, released the following statement on Wednesday:
“An inflation rate at 9.1% is devastating enough, but the official rate doesn’t even fully capture just how bad the situation is. Lower-income families and working Americans are being especially hard-hit by skyrocketing prices on items like food, gas, and housing.
“This administration is tone-deaf to the economic realities and the problems that they have created. Biden’s war on affordable energy production is the main culprit for both the high gas prices and skyrocketing food prices. It is growing more and more unaffordable to make it in Joe Biden’s America, as the national average gas price is still over $4.60 and food prices continue to rise. The devastating impacts of Biden’s economic policies are eating away at American’s paychecks and savings.
“Things are only going to get worse one way or another, as Biden’s economic policies are a double-edged sword. This is quite possibly the last month of lingering economic factors keeping inflation in the 8% range, which means the official CPI number could be in the 10% range by the fall. Or, inflation may slow down if gas prices—which have been a key driver of inflation—drop even further than they have in the last few days. The problem with that? Those prices are dropping not because of more supply, but because of the rising fear of recession. No matter which way you turn, Biden’s policies offer no relief.
“Americans families are paying dearly for the enormous expansions of government spending financing by the Federal Reserve money printing presses and Biden’s reckless economic policies. This inflation is proving to be the most destructive and painful tax of all.”
