WASHINGTON: Inflation in the US rose to a new high of 9.1% in June, putting additional pressure on American families and President Joe Biden, whose favor ratings have been battered by the steady rise in prices.
The consumer price index increased sharply and more quickly than anticipated compared to May, according to government statistics issued on Wednesday, which was mostly driven by substantial rises in gasoline costs. According to the Labour Department, the 9.1% CPI increase from January to June was the fastest increase since November 1981.
Half of the monthly increase was due to energy, as gasoline prices rose by 11.2 percent last month and by an astounding 59.9 percent over the previous year. Since April 1980, the overall yearly growth in energy prices is at its highest level.Even though Biden agreed that the consumer price index was “unacceptably high,” he said it was also “out of date” because it did not take into account a noticeable decline in energy costs since mid-June.
For American families, the sudden price drop has given them “needed breathing room. Additionally, since this revelation, prices for other commodities, such as wheat, have dropped significantly, according to the president.
Although Biden emphasised that fighting inflation was the top priority, he also said that his government needs to “make real progress, more faster, in keeping price surges under control.”
