Written by Peter Boykin on June 21, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
Inflation continued to spiral out of control in May, spiking to 8.6% – the biggest jump in over 40 years. It marks the 13th straight month with inflation over 5%.
The past three months were all over 8%.
Here’s what that looks like by category, compared to the same time last year:
⛽️ Gasoline: 48.7%
🍔 Food: 10.1%
🔋 Electricity: 12%
🛢 Utility gas: 30.2%
🏡 Housing: 5.5%
👗 Clothing 5%
Medical services: 4%
✈️ Airfare: 37.8%
🚗 New cars: 12.6%
🛻 Used cars: 16.1%
Biden continues to blame everyone but himself for inflation.
In a statement, he said:
“Putin’s price hike is hitting America hard.”
…but that’s a tough excuse to sell to the American people when you consider the chart below. Inflation began right after Biden took office, a year before the war in Ukraine.
What happens next? The Federal Reserve met and decided to raise interest rates to try and lower market demand and push down inflationary pressures.
Big picture: This does not bode well for Democrats in the midterm elections. In poll after poll,
Republicans More Likely Than Democrats To Say Partisan Control of Congress ‘Really Matters’
Americans continue to rank the economy/inflation as their number one voting issue.
[Source: Bureau of Labor Statistics]
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