The U.S. Bureau of Labor Statistics' (BLS) latest Consumer Price Index for the month of May shows an 8.6% inflation rate, a 40-year high. Food, housing, and fuel costs are the main contributors, forcing many Americans to struggle financially. U.S. Rep. Andy Biggs (R-Mesa) says Arizonians are spending even more than the average Americans each month because of the state's inflation.
On June 10, BLS released the Consumer Price Index (CPI) data for the 12 months ending May 2022. The data showed an 8.6% all-items annual increase, which represents a 0.3% climb from last month and a new four-decade high. The largest contributors were increases in the indexes for shelter, gasoline, and food.
"Inflation is now costing American households $635 each month. In Arizona, inflation is costing households $733 a month," Biggs wrote in a June 10 Twitter post. "These increases are directly attributed to the wasteful and reckless spending from the Biden regime and congressional Democrats."
Arizona's gas average, which sits at $5.32 per gallon, has risen 65 cents in the last month, according to the American Automobile Association.
After dropping in April, the index for gasoline climbed 4.1% during May and 48.7% in the last 12 months, according to CPI data. During the month of April, the shelter index increased 0.6%, the largest monthly increase since March 2004. The food index also rose 1.2% in May while the food at home index increased 1.4%.
According to the Wall Street Journal (WSJ), the CPI's 8.6% year-over-year increase represents the fastest pace since December 1981. The WSJ says May’s increase was driven in part by sharp rises in the prices for energy, which climbed 34.6% from last year, and groceries, which rose 11.9% on the year, the biggest increase since 1979.
According to FiveThirtyEight poll results, President Biden's approval rating currently sits at 40.2%, while 53.6% disapprove of his performance.
Fox News reports that Biden continues to place blame on Russian President Vladimir Putin for the country's inflationary problem. Following the Labor Department's inflation announcement on June 10, Biden said the United States "has never seen anything like Putin’s tax on both food and gas."