Labor Department’s CPI Data Shows 3% Inflation Rate for June
The latest Consumer Price Index report from the U.S. Bureau of Labor Statistics reveals that inflation in the United States is continuing to cool. Good news, right? Well, let’s take a closer look at the breakdown:
- Inflation has fallen consecutively each month since June 2022
- In June 2022, the inflation rate was 9.1%, but it has now dropped to 3%
- The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in June
- The S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 all closed in positive territory after the news
- Gold and silver saw gains on July 12, with gold rising 1.3% and silver increasing 4.13%
Biden Celebrates Cooling Inflation, But Critics Question the Real Impact on Middle Class
President Joe Biden and the White House were quick to celebrate the falling inflation figures. Biden tweeted, “Today, we learned annual inflation has fallen 12 straight months to 3% – the lowest in over two years.” However, not everyone is buying it:
- Some critics argue that the reported numbers are manipulated and that inflation is actually over 20%
- Others claim that Bidenomics has made it difficult for families to afford necessities like food and gas
Hot Take
While the latest CPI data may show a cooling inflation rate, there is still skepticism among critics about its real impact on the middle class. It remains to be seen whether these figures truly reflect the everyday experiences of Americans.
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