Inflation has only made it harder for Americans to purchase daily necessities like gas or groceries, and now it’s passed 9%.
The rate of inflation has reached 9.1% for the month of June according to the consumer price index.
That’s the fastest rate in 41 years.
Wages are beig devalued while low income workers struggle to afford their rent and bills.
Gas gas dropped a small amount in the last month, but inflation only continues.
If gas is going down why is inflation still high?
Biden is under fire as Americans call on him to find a way to lessen the rate of inflation.
While the rate of inflation is a bit lower, the rate of core inflation remains high.
The 9.1% is for things like gas and food, but that doesn’t mean other things are facing the same rate.
This leads people to believe everything is getting expensive at the same rate.
Related: Costco: Two items that have increased in price by 33%
That doesn’t mean the rate of inflation for everything is not a cause for concern.
As core inflation remains high, it shows that the underlying reason for this goes past short term trends or what’s happening in Russia.
It points to an economy in bad shape.
Earlier in the week, White House officials warned that the rates would be high.
The states that the data released would not reflect a drop in the national average for gas prices..
The rate is not only high in the U.S., but it’s high in Europe at 8.6% and in the UK at 9.1% as well.
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].