The consumer price index soared in June —up 9.1% from a year ago, above the 8.8% Dow Jones estimate.
“If there’s one thing to take away from this report, it’s that there is more urgency now than ever in Congress moving to pass a bill to try to build more domestic semiconductors, to try to bring down the price of those goods,” Deese told Quintanilla, pointing to rising prices for used cars.
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President Biden released a statement after the inflation report, saying “Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices.”
“Those savings are providing important breathing room for American families.”