The Bureau of Labor Statistics’ monthly Consumer Price Index report shows inflation jumped 5.4 percent in June, compared to 2020.
Inflation has surged throughout 2021, with the highest monthly increases in 13 years. Some economic analysts suggest the sudden re-opening of the global economy is to blame for inflation, while others point fingers at the Biden administration.
Industries such as travel have picked up speed as government restrictions have lifted and millions of Americans received COVID-19 vaccination. However, prices are steadily rising, most notably the cost of gas, food at restaurants and grocery stores, and apparel.
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Since May, inflation rose by 0.9 percent, the greatest one-month surge since the days of the financial crisis in 2008. Some analysts suggest inflation will slow down as the economy continues to re-open and adjust. The Federal Reserve suggests inflation is necessary to reboot the economy while stimulating growth.
“Too much and people accelerate spending to stay ahead of price rises, which of course has the effect of delivering even more inflation. And, as prices generally rise in advance of wages, consumers feel consistently behind the eight-ball,” Daniel Alpert, a managing partner at Westwood Capital and a senior fellow in financial macroeconomics at Cornell Law School, told NBC.
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