The May inflation report came out today, and it’s yet not good at all:
Consumer inflation ticked up one full percent in May, according to new data from the Department of Labor released Friday morning, meaning inflation in the last year has soared 8.6 percent as rising costs blew past consensus estimates that inflation would only increase 0.7 percent to remain even with April’s 8.3 percent year-over-year increase.
May’s inflation report is the worst for consumers since December 1981, coming the same week President Biden continued to claim that he was leading the United States in its best recovery in history.
Inflation is hitting everywhere:
Groceries +11.9% y/y –>Biggest inc. since 1979
Chicken +17.4% ->Largest ever
Restaurants +9% -> Largest ever
Fuel oil +107% ->Largest ever
Electricity +12% ->Largest since '06
Rent +5.2% ->Largest since 1987
Airfare +37.8% ->Largest since 1980
Services +5.7% ->Largest since 1990
— Heather Long (@byHeatherLong) June 10, 2022
Earlier today Biden economic adviser Brian Deese predictably blamed the record gas prices on Vladimir Putin, but a different White House economic adviser said on CNN that the president does have a plan, even though it doesn’t sound like one:
Biden economist Cecilia Rouse as prices spike at the highest rate since 1981: "So, [Biden] has, like, he has emphasized—he's focused on this.
"I know this doesn't sound like a plan." pic.twitter.com/mE5NpOdSF5
— RNC Research (@RNCResearch) June 10, 2022
I agree, it doesn't sound like a plan
— Simple_Man (@SimpleMan2024) June 10, 2022
If this administration does have a “plan,” it’s to destroy the economy, and they would be succeeding at it so far.
Putin, Putin, Trump, Putin. That's all they got.
— RC (@MCWeathr) June 10, 2022
It doesn't sound like a plan because it's not. https://t.co/4IjRpP3myS
— Tommy Pigott (@TommyPigott) June 10, 2022
The look of surprise in her face when CNN pushes back a bit tells you everything https://t.co/NfCxxfMA7h
— El Grampi (@reaccionapr) June 10, 2022
Not even CNN can ignore this particular dumpster fire anymore.