Inflation Breaks Yet Another 40-Year Record Under Biden

The numbers are out, and the Labor Department confirmed Wednesday a new 40-year record for inflation.

Inflation now sits at a whopping 9.1% with Consumer prices increasing in nearly every category. Airfare was among the “limited number of indexes” to witness a decline during the month of June, with a decrease of just 1.8% despite a sharp rise in recent months. 

Even while fuel oil saw a slight decrease in the month of June, the 12-month unadjusted average was up 98.5%. Other categories trending upward in the last twelve months included food with an increase of 10.4%, gasoline up 59.9%, and new vehicles up 11.4%. Apparel is also up 5.4% in the last twelve months, and Americans are likely to feel the pinch with back-to-school shopping just around the corner. 

Consumers saw a decrease in prices at the pump last month, as noted by NBC News. However, prices still remain well above the average cost per gallon this time last year. The average cost is currently $4.592 per gallon, compared to last year’s average of $3.157, based on data from Gas Buddy. 

Republican Governor Ron DeSantis of Florida blamed the administration’s policies for record-high inflation. “Bidenflation is wreaking havoc on workers, families & small businesses – a consequence of anti-American energy policy, exorbitant borrowing & printing of money & counterproductive federal regulations.”

Record-high inflation isn’t lost on the majority of Americans either. Covid’s out and inflation’s in as a top concern for many. In December of 2020, half of respondents in an AP Norc poll listed COVID-19 as a priority for the government to address over the coming year. Of those surveyed in the most recent poll, 40% named inflation as a problem for the government to tackle, compared to just 14% in December of 2021.  Unsurprisingly, Americans now consider inflation and gas prices as major concerns ahead of this fall’s mid-term elections.

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Aly is a military spouse and mom to two. She has a special interest in international security and foreign affairs, having lived overseas, worked with Sister Cities International and served as a commissioning editor for an international relations website. Aly holds a Masters in Global Studies and International Relations from Northeastern University and currently resides in Tennessee.
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