White House braces for another ugly inflation report

[mystery-ak]

Published 2 hours ago
White House braces for another ugly inflation report
White House: June inflation report is 'already out of date'

 
By Megan Henney FOXBusiness

The Biden administration is already in damage control mode ahead of the newest inflation data out this week, which is expected to show another jaw-dropping figure as the price of everyday goods soared higher.

The Labor Department is releasing the highly anticipated consumer price index report on Wednesday morning, which is expected to show that prices surged 8.8% in June from the previous year — toppling the previous 40-year high of 8.6% notched in May. On a monthly basis, inflation is projected to have increased 1%, matching the rate from the previous month.

Although White House officials have not suggested that inflation peaked in June, they have argued that record-high gas prices are to blame for what will likely be another scorching-hot CPI reading — while noting that prices at the pump have since declined.

"Energy prices have fallen significantly from the prices included in the June CPI report," Brian Deese, the director of the National Economic Council, and Cecilia Rouse, the chair of the Council of Economic Advisers, wrote in a White House memo released on Tuesday. "The June CPI data will largely not reflect the substantial declines in gas prices we’ve seen since the middle of June."

more
https://www.foxbusiness.com/politics/white-house-braces-another-ugly-inflation-report

[mountaineer]

Jacki Kotkiewicz
@jackikotkiewicz
Inflation hits another NEW 40-year high under Biden.

Overall CPI: +9.1% since last year
Gas: +59.9%
Fuel Oil: +98.5%
Meat, Poultry, & 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%
8:38 AM · Jul 13, 2022·

[Right_in_Virginia]

Inflation rose 9.1% in June, even more than expected, as price pressures intensify
CNBC, Jul 13, 2022

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday.

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.


More:  https://www.cnbc.com/2022/07/13/inflation-rose-9point1percent-in-june-even-more-than-expected-as-price-pressures-intensify.html

[Right_in_Virginia]

"At 9.1% year-over-year, new inflation data is "MUCH hotter than expected."   "November 1981 is the last time that we have seen an inflationary number this high."  (Video)

https://mobile.twitter.com/RNCResearch/status/1547200985805819905

[DefiantMassRINO]

Biden will be conveniently out of the country when the report is released.  Talk about leading from behind.

[mountaineer]

Biden will be conveniently out of the country when the report is released.  Talk about leading from behind.

He's in Israel. 

[cato potatoe]

I'm hearing from people working in food commodities that things are getting worse.  Contracts are being negotiated several months in advance with massive price increases.

[Wingnut]

He's in Israel. 

Who's on First?