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U.S. IN CRISIS: Biden Begs for Oil, Inflation Jumps 9.1%, Families Desperate for Food and Fuel

Published On: 13. Juli 2022 17:09

America reached a crisis point Wednesday with new data showing inflation rising a shocking 9.1% compared with one year earlier, fueling what many economists are now calling a “cost of living disaster” for working families.

This inflation news is terrible. No cap.

— Jesse Kelly (@JesseKellyDC) July 13, 2022

Economic Destruction:

Real average hourly earnings for the American worker hit a new ALL-TIME low.

Inflation number is big news, this is much bigger.

This is the systematic destruction of the working/middle class.

SOURCE: Bureau Of Labor and Statistics pic.twitter.com/wpsPLRaSQa

— Benny Johnson (@bennyjohnson) July 13, 2022

Inflation up 9.1% year over year. Significantly worse than expected & highest level in 41 years.

— Bill Melugin (@BillFOXLA) July 13, 2022

From the Associated Press:

Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest yearly increase since 1981, and up from an 8.6% jump in May. From May to June, prices rose 1.3%, another substantial rise, after prices had jumped 1% from April to May.

The persistent price acceleration underscores the brutal impact inflation has inflicted on Americans, with the costs of necessities, in particular, rising much faster than average incomes. Lower-income and Black and Hispanic Americans have been hit especially hard, because a disproportionate share of their income goes toward such essentials as housing, transportation and food.

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