US inflation remains hot, jumping to 9.1% in June – and the White House said C

According to the latest Bureau of Labor Statistics report regarding the CPI, inflation in the United States is still on fire as it rose at the fastest annual rate since 1981.

The June CPI data reflected a 9.1% year-on-year increase, although a number of bureaucrats and economists thought the May CPI data would be a record peak. US Inflation Continues to Hit New Highs Inflation continues to rise in America as June CPI numbers show another monthly increase. The Bureau of Labor Statistics report notes that “over the past 12 months, the all-items index rose 9.1 percent before seasonally adjusted.”

“The increase was widespread, with gasoline, shelter and food indicators being the largest contributors.” The increase in inflation in June was another record high, rising at the fastest pace since November 1981. The administration of US President Joe Biden  addressed the issue after the publication of the CPI report.

The White House also claimed that the data is already outdated and that the CPI report does not reflect “the full impact of nearly 30 days of declines in gas prices.” In fact, the White House says “core inflation” has fallen for the third month in a row. Most importantly, Biden's detailed statement on Wednesday makes clear that what economists call annual “core” inflation fell for the third month in a row, and the first month since last year that the annual “core” inflation rate was below six percent.”

According to Bloomberg, the newsletter polled a number of economists and they expected June CPI data to reach 8.8%. With inflation rates rising, it is now assumed that the US Federal Reserve should be “more aggressive”.

In addition to the CPI numbers that came out on Wednesday morning, the Bureau of Labor Statistics reported the previous day on an image that showed the “fake” CPI data seen on social media may be as high as 10.2%. Stock, gold and cryptocurrency markets were shaken after the publication of the US inflation report. Following the release of the report on Wednesday, the stock market witnessed significant losses as the Dow Jones Industrial Average fell by 400 points.

The price of Bitcoin (BTC) fell from $19,900 to its lowest level on July 13 at $18,906 per unit. The value of precious metals also declined, with silver falling by 0.58%, and gold falling by 0.41%. While the real CPI numbers were discussed Wednesday morning, many people tried to digest what the numbers would be like without food and gasoline. 

Added to the equation. Tim Young (a Washington Times writer) commented on Twitter, “Anyone who says ‘If you remove food and gas from the CPI, inflation isn’t really that bad, try living without food and gas for a month and let me know how it goes.’”