(RightIsRight.co) – BREAKING NOW: Coming in far hotter than expected and proving the financial pain American consumers feel is real, inflation skyrocketed 9.1% in June, far more than predicted.
As the New York Post recounts in, “Inflation hits 9.1% in June, raising risk of massive rate hike“:
“Inflation surged an unexpectedly strong 9.1% last month, raising the risk of even steeper rate hikes from the Federal Reserve as Americans get pummeled by record gas prices, soaring rents and stiff grocery bills.
“The dismal June reading released by the Labor Department on Wednesday — the highest since November 1981 — will ratchet up pressure on President Biden, who has faced widespread criticism over his muted initial response as higher prices slammed household budgets.” [emphasis added]
And the pain is most significant in the all-important energy sector:
“Energy prices have surged 41.6% since the same month last year, marking the steepest annual increase since April 1980. The food index also increased at a decades-high clip of 10.4%…
“Much of inflation rise came from gasoline prices, which increased 11.2% on the month and just shy of 60% for the 12-month period. Electricity costs rose 1.7% and 13.7%, respectively.” [emphasis added]
According to experts, there is no end in sight to the inflation that is decimating working Americans’ wallets.
THIS IS A BREAKING NEWS REPORT FROM RIGHT IS RIGHT.
Inflation hits 9.1% in June, highest since 1981 in alarming surge https://t.co/U6cx9jiCLZ pic.twitter.com/1vDoeoQL53
— New York Post (@nypost) July 13, 2022