Happening Now: If Americans believe the cost of everything is going up faster than their paychecks, they’re correct. Under the Biden/Harris administration, inflation is exploding to record high levels within the U.S. economy.
“Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday,” according to CNBC.
“The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year earlier. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.
“The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the U.S. spiraling into the worst recession since the Great Depression.” [emphasis added]
This is a breaking news report and will be updated if warranted.
Please share your reaction to record-setting inflation by emailing [email protected]. Do you think the Biden administration is responsible for the heightened level of inflation, or is it from economic forces beyond the administration’s control?