Best economic recovery in history, Jack.
As rapid inflation fuels growing recession fears, new data showed consumer prices rose 9.1% in the 12 months ending in June, hitting a worse-than-expected 40-year high after an unprecedented surge in gas prices.
Overall prices rose 1.3% from May—surpassing the 1.1% economists were expecting and much higher than the previous month's increase of 1%, according to data released by the Labor Department on Wednesday.
If you're an expert, you might be realizing we're in trouble right about now.
Or, if you're a normal person, you realized that months ago when your gas and food expenses tripled.
The unexpected jump marks the largest 12-month increase since the period ending November 1981, according to the release, and comes after prices in May unexpectedly returned to a 40-year high.
A few other metrics:
- Gas, housing, and food were the biggest contributors to the gain
- Overall housing costs rose at the fastest pace in 31 years and rent prices rose faster than any time in more than 35 years.
- Core inflation rose 0.7%
This was the reaction in the stock market:
Some other important thoughts:
Translation: Some of us were warning about the danger posed by our politicians' spending spree back in 2020, and were desperately pleading for people to pay attention by early 2021.
I guess everyone was too preoccupied with the #CurrentThing to care.
Oh, and if you were wondering, the government is most likely going to double down and throw oil on the fire:
At any rate, make sure to thank a politician for your money being worth a lot less while prices rise daily!
P.S. Now check out our latest video: "Highlights from Biden's speech last night" 👇