JUNE INFLATION WAS WORSE THAN EXPECTED

JUNE INFLATION WAS WORSE THAN EXPECTED

Written by Peter Boykin on July 14, 2022

JUNE INFLATION WAS WORSE THAN EXPECTED

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

U.S. consumer inflation climbed to 9.1% in June, even higher than the abysmal 8.6% that economists predicted.

That’s the highest inflation number in 40 years.

Back up: Inflation has been at least 5% or higher for the last 13 straight months of Joe Biden’s residency.

The three previous months were:

March: 7.9%

April: 8.5%

May: 8.6%

By category: This is what June’s inflation number looks like, broken down by

⛽️ Gasoline: +59.9%

🥩 Groceries: +12.2%

🏠 Home utility gas: +38.4%

🔋 Electricity: +13.7%

🚙 New cars: +11.4%

🛻 Used cars: +7.1%

🍝 Dining out: +7.7%

👔 Clothing: +5.2%

🩺 Medical care: +4.8%

✈️ Airfare: +34.1%

🍳 Eggs: +33.1%

🍗 Poultry: +17.3%

🥛 Milk: 16.4%

🐮 Ground beef: +9.7%

☕️ Coffee: +15.8%

🚘 Car parts: 14.9%

Trump weighed in, saying: “How can people survive this? How can businesses survive this? Our Country is so weak right now because the Radical Left Democrats have no clue what they are doing.”

Big picture: In response, the Federal Reserve will likely raise interest rates by 100 basis points (1%) in order to bring down inflation:

That means higher interest payments on your car lease, mortgage, credit cards, and eventually… recession.

If you like a good conspiracy theory: Two of the only items that got less expensive in June were TVs [-12.7%] and smartphones [-20%]. You won’t be able to feed your family, but at least you can stay distracted by staring at screens all day.

[Source: Bureau of Labor Statistics, Statista]

JUNE INFLATION WAS WORSE THAN EXPECTED