Washington, DC (June 10, 2022) – Today, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for May, showing an annual increase of 8.6%.
“Inflation continues to stay elevated at a 41 year high of 8.6% from this time last year, with the biggest increases seen for shelter, gas, and food. Energy overall saw its largest 12-month increase since 2005, with oil for fuel having gone up 106.7% since last year, the largest increase in the history of the series, which only dates back to 1935. The food index increased by over 10%, the largest increase since 1981. All necessities for Americans are going up, but Biden’s inflation problem won’t go away because his administration spends all their efforts spinning the story instead of working on fixing it. Biden and his staff have continued to claim that Americans are doing well in his economy and blather on about historic gains when the only historic things about Biden’s economy are the rate the inflation, the price of energy, and a prolonged labor shortage. The Biden administration is clearly in over their heads and trying to revive parts of Build Back Broke won’t help. It’s time to drop the spin and start listening to the needs of small businesses and Americans.”