Those who went to bed after watching the prime-time Jan. 6 hearing woke up to the reality of another decades-high inflation report.
While the House committee aired out its findings on the Trump administration's handling of the Capitol riot Thursday night, the May inflation report was waiting for the Biden administration Friday morning, showing inflation at 8.6% for the 12 months ending in May — a 41-year high and a far cry from the Federal Reserve's target rate of 2%.“It’s clear that inflation has become top of mind for the American people,” said Brookings Institution Senior Fellow Wiliam Galston.
“Given the impact of Putin’s price hike at the pump on gas prices in May, we expect the headline inflation number to be elevated,” said White House press secretary Karine Jean-Pierre. “And we expect the war in Ukraine to have some effects on core inflation too, particularly when you look at things like airfares and the effect of higher jet fuel costs.”
President Joe Biden is scheduled to promote inflation-fighting measures this morning from Los Angeles, a topic voters seem more worried about than Jan. 6. The fact is America is in a stronger economic position today than just about any other country in the world. The White House continues insisting inflation will level off and the economy will stabilize, citing a drop in core personal consumption expenditures from 6% to 4% in recent months. April's inflation report showed the first year-over-year drop in inflation in eight months, but the overall trend continued with the latest report, which baked in the effect of higher gas prices.
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