June Inflation Hits 9.1 Percent, New 40-Year High

Contact Your Elected Officials
The Epoch Times Header

Surging costs of fuel, housing, and food were major contributors to high inflation last month

The U.S. annual inflation rate climbed to 9.1 percent in June, topping the market estimate of 8.8 percent and May’s annual rate of 8.6 percent. This was the highest level since November 1981.

According to the Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose 1.3 percent month-over-month. The monthly inflation was also higher than economists’ expectations of 1.1 percent.

The core inflation rate, which removes the volatile food and energy sectors, eased to 5.9 percent. But this was higher than the forecasts of 5.7 percent. On a monthly basis, the core inflation rose at a higher-than-expected pace of 0.7 percent.

Food prices soared 10.4 percent, while the energy index advanced 41.6 percent.

Nearly every food item, except uncooked beef steak, was more expensive last month. Beef and veal rose 8.2 percent, pork surged 9 percent, chicken soared 18.6 percent, and ham increased 9.6 percent.

Eggs spiked 33.1 percent, milk rose 16.4 percent, fruits and vegetables jumped 8.1 percent, and coffee swelled 15.8 percent.

On the energy front, fuel oil exploded by 98.5 percent. Gasoline surged 59.9 percent, electricity costs picked up 13.7 percent, and propane and kerosene edged up 26.1 percent.

New vehicles surged 11.4 percent, used cars and trucks jumped 7.1 percent, apparel increased 5.2 percent, and shelter climbed 5.6 percent. Medical care commodities and services swelled 5.5 percent and 4.8 percent, respectively.

“Today’s shockingly high consumer price inflation number does not bode well for our country’s economic outlook,” Desmond Lachman, economist and senior fellow at the American Enterprise Institute, told The Epoch Times in an email.

It makes it likely that the Fed will keep raising interest rates and decreasing its “bloated balance sheet” aggressively, he added.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

The Kirk Assassination Narrative is Falling Apart

New footage challenges the FBI’s claim that Tyler Robinson shot Charlie Kirk from a UVU rooftop with a .30-06 rifle, casting doubt on the official narrative.

A self-inflicted wound

Leftist propaganda from media, unions, bureaucrats, and schools has indoctrinated the marginalized with an idealized view of socialism and communism.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

The Unique European Social Contract: Effectiveness Over Values

American conservatives often ground their political stances on social issues. The European conversation centers on an effectiveness assessment.

Trump’s Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Trump Set to Become 4th President to Address Israel’s Parliament–What to Know

‘The visit of the U.S. president ... is accompanied by great emotion and expectation,’ an Israeli Ministry of Defense official said.

Supreme Court Won’t Hear Project Veritas Challenge to State Law Blocking Secret Recording

U.S. Supreme Court declined to hear a First Amendment challenge from investigative journalism group against Oregon’s ban on secret recordings.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

Biden Undergoing Radiation, Hormone Treatment for Prostate Cancer

Former President Biden has begun receiving a combination of radiation and hormone treatments for prostate cancer, spokesperson announced.

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.
spot_img

Related Articles

Popular Categories

MAGA Business Central