Inflation has surpassed what economists had predicted for the month of June, with the price of gas being the main factor.
Today, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) for the past year and showed a 9.1% yearly increase on all items, accounting for a 1.3% increase from May and a 40-year-high. Gasoline, followed by food and shelter, is the biggest contributor to inflation.
The Gas Misery Index reports that motorists in the state of Nevada are spending $880 more yearly on gas with an average of $5.36 per gallon.
"Inflation hits another NEW 40-year high under Biden. Overall CPI: +9.1% since last year. Gas: +59.9%. Fuel Oil: +98.5%. Meat, Poultry, & Fish: +10.4%. Milk: +16.4%. Eggs: +33.1%. Coffee: +15.8%. New Vehicles +11.4%. Airline Fares: +34.1%. Real Average Hourly Earnings: -3.6%," GOP Director of Policy Research Jacki Kotkiewicz said on Twitter.
After dropping 6.1% in April and only climbing 4.1% in May, the index for gasoline rose a whopping 11.2% during June and 59.9% over the past year. The shelter index increased another 0.6% in June, after rising the same amount in May. The food index rose 1% during the month, as did the food at the home index.
Economists told the Wall Street Journal their CPI forecast for the month of June was 8.8%— 0.2% higher than May's. The announced 9.1% was worse than they had anticipated.
Biden's leadership has been criticized for months, with Americans continuing to disapprove of his job performance.
The latest New York Times/Siena College poll revealed the president's approval rating is now at 33% among Americans.
With more than three-quarters of registered voters seeing the United States moving in the wrong direction, The New York Times reports that the "pessimism spans every corner of the country, every age range and racial group, cities, suburbs and rural areas, as well as both political parties."