The US has seen 13 consecutive months of high inflation since the Biden administration shrugged off concerns about rising costs and said the contributing factors were “temporary”.
“We’ve had some inflation in recent months, and we’ll continue – at least on an annual basis – I think through the rest of the year, to see higher inflation rates, maybe around 3 percent,” Treasury Secretary Janet Yellen He said of inflation in early June 2021. “But I personally think that these are temporary factors.”
About a month later, in July, President Biden indicated there was no reason to worry about inflation and made clear that it would be “temporary.”
Biden said in the newspaper A July 19 letter last year. “Some people have raised concerns that this could be a sign of persistent inflation. But that’s not our opinion.”
“Our experts believe, and the data shows, that most of the price increases we’ve seen are expected to be temporary,” Biden added.
On Wednesday, nearly a year after Yellen, Biden and Federal Reserve Chairman Jerome Powell cut the 5.4% inflation rate in the United States, Inflation jumped to 9.1% Which we haven’t seen in four decades.
Represent faster inflation rate Since December 1981.
So-called core prices, which exclude the most volatile measures of food and energy, were up 5.9% from the previous year. Core prices also rose 0.7% m/m – higher than in April and May – indicating that core inflationary pressures remain strong and widespread.
The price increases were widespread, indicating that inflation may not be near its peak: energy prices It was up 7.5% in June from the previous month, and up 41.6% from a year ago. On average, gasoline costs 59.9% more than it did a year ago and 11.2% more than it did in May. Meanwhile, the food index rose 1% in June, as consumers paid more for items such as grain, chicken, milk and fresh vegetables.
softens confessed in May This year it “was wrong at the time about the path inflation would take”. In addition, Powell made several mea culpas regarding the appeal of inflation the wrong way.
However, the White House has Keep promoting strength of the US economy last week when White House Press Secretary Karen-Jean-Pierre claimed that “we are stronger economically than we have been in history”.
The White House did not immediately respond to a request for comment from Fox New Digital.
Fox News’ Megan Heaney contributed to this report
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