CRAIG BANNISTER | JULY 11, 2024
Inflation was at least three percent for the 39th straight month in June, the U.S. Bureau of Labor Statistics (BLS) reported Wednesday.
In June, the Consumer Price Index (CPI) was up 3.0% from 12 months earlier and down 0.1%, on a seasonally-adjusted basis from May.
The last time CPI increased less than three percent was in March of 2021 (2.6%).
At 3.0%, inflation is also more than twice the 1.4% increase registered when former President Donald Trump left office in January of 2021 and December of 2020.
In June of this year, the seasonally-adjusted, month-to-month increase in the so-called “core” CPI (excluding food and energy) rose 0.1% from May and 3.3% from the increase in June of 2023.
Indexes which increased from May to June include utility gas service (2.4%,), food (+0.2%), shelter (+0.2%), and medical care services (+0.2%).
The indexes for energy (-2.0%), used cars and trucks (-1.5%), and transportation services (-0.5%) were among those that decreased over the month.
Compared to 12 months earlier, the indexes for transportation services (+9.4%) and shelter (5.2%) posted the largest increases, while those for used cars and truck (-10.1%) and gasoline (-2.5%) recorded the greatest declines.
"Inflation has moderated, but the damage is done.
While inflation remains stubbornly high and 50% higher than the Federal Reserve's target rate, the bigger problem is that today's price hikes compound on the historic 20% increase in prices since President Biden took office, Job Creators Network CEO Alfredo Ortiz explained in a statement responding to Thursday’s BLS report:
"As a result of this inflation -- and wages that have not kept up with it -- Americans face an affordability crisis and reduced living standards. Declining real wages and quality of life are a result of bad Democrat policies – no matter who is on the top of the ticket. All Democrats believe in inflationary reckless government spending, overregulation, and tax hikes – and will push this agenda if elected in November.
“The problem is the policies, not the person on the ballot."
https://mrctv.org/blog/craig-bannister/june-marks-39th-straight-month-inflation-least-three-percent
No comments:
Post a Comment