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Inflation surges to new 41-year high of 8.6%: Groceries jump 12% and gasoline soars 49% as rising prices cause misery for consumers
[Daily Mail, where America gets its news] - Biden finally admits inflation is 'not coming down as quickly as needed'
- The consumer price index rose 8.6% on May from a year ago, the fastest increase since December 1981
- Increase was larger than economists expected and topped the recent peak set in March
- Soaring food and energy prices drove the increase, with groceries up 11.9% and gasoline rising 48.7%
- But core inflation, excluding food and energy, was also higher than expected at 6% annual rate
- It is the strongest signal yet that inflation has not yet peaked, as Biden previously claimed
- On Friday Biden plans to speak at the Port of Los Angeles to highlight supply chain initiatives
Posted by: Skidmark 2022-06-11 |
