The U.S. Bureau of Labor Statistics has released its latest Consumer Price Index for the month of June. Driven mainly by increased gasoline prices, a 9.1% inflation rate has established itself as a new 40-year high, making economists' forecasts appear too optimistic.
The financial struggle is worsening for Americans, with Arizonians spending over $900 more on gasoline this year than they were last year, according to Wednesday's Gas Misery Index.
"Inflation hits another NEW 40-year high under Biden," Jacki Kotkiewicz, director of policy research for the GOP said on Twitter. "Overall CPI: +9.1% since last year; Gas: +59.9%; Fuel Oil: +98.5%; Meat, Poultry and Fish: +10.4%; Milk: +16.4%; Eggs: +33.1%; Coffee: +15.8%; New Vehicles +11.4%; Airline Fares: +34.1%; Real Average Hourly Earnings: -3.6%."
On Wednesday, BLS released the Consumer Price Index (CPI) data for the 12 months ending June 2022. The data showed a 9.1% all items annual increase, which represents a 1.3% climb from last month and a new four-decade high. The largest contributor was the increase in the index for gasoline, followed by the food and shelter indexes.
After dropping 6.1% in April and only climbing 4.1% in May, the index for gasoline climbed a whopping 11.2% during June and 59.9% in the last 12 months. The shelter index increased another 0.6% in June, after rising the same amount in May. The food index rose 1% during the month, as did the food at home index, BLS said.
Economists told The Wall Street Journal their CPI forecast for the month of June was 8.8%, 0.2% higher than May's. The announced 9.1% was worse than expected.
Although gasoline prices have been on a slight downward trend, Arizonians are still spending an average $917 more annually on gas alone, according to the Gasoline Misery Index. As of Wednesday, the state's average is $4.93 per gallon.
Biden's leadership has been criticized for months, with Americans continuing to disapprove of his job performance. The latest New York Times/Siena College poll revealed the president's approval rating is now at 33% among Americans. With more than three-quarters of registered voters seeing the United States moving in the wrong direction, The New York Times reports that the "pessimism spans every corner of the country, every age range and racial group, cities, suburbs and rural areas, as well as both political parties."