More bad news for the Biden economy as June’s inflation report exceeded estimates —prices rose 9.1% from June of last year. Shoppers are paying even more for essential, everyday goods.
The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981.
Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared to the 5.7% estimate.
On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.
Senate Republicans shared the news on Twitter.
“The Biden economic experts were wrong — 9.1% inflation. Much worse than expected. Americans are hurting.”