Headline RoundupJuly 13th, 2022

Annual Inflation Rises to 40-Year High of 9.1%

Summary from the AllSides News Team

The Bureau of Labor Statistics reported Wednesday that inflation rose 9.1% for the year ending in June, the latest in a series of 40-year highs for the annual inflation rate. 

Late 1981 was the last time annual inflation was this high. The Consumer Price Index (CPI) increased 1.3% in June on a monthly, seasonally-adjusted basis after rising 1% in May. Items with the largest annual cost increases were fuel oil (up 98.5% from June 2021), gasoline (up 69%), food at home (up 12%), and new vehicles (up 11%). The energy index also saw the biggest overall monthly jump, increasing 7.5% in June after rising 3.9% in May.

Core prices, which exclude more volatile food and energy items, rose 0.7% on a monthly basis and 5.9% from the previous year. The inflation rate has increased for eight consecutive months despite the Federal Reserve's interest rate hikes, and is affecting President Joe Biden's approval rating as the 2022 midterm elections approach and as 2024 presidential candidates begin to emerge.

June's inflation data was a top story across the political spectrum, especially from right-rated sources, which continue to frame President Joe Biden's clean energy agenda and large government stimulus packages as inflation's main drivers. Left-rated sources focus more on how global factors, such as supply chain issues and Russia's invasion of Ukraine, are inflating prices.

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