Inflation hit a new four-decade high in June as prices rose 9.1 percent from last year — 1.3 percent from the prior month — according to the data released by the Bureau of Labor Statistics this morning. The BLS’s “all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981.”
I put it this way: We see it everywhere and every day. The BLS puts it this way: “The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.”
If anyone tries to tell you it’s not as bad as it seems, note that the more plausible case belies it: “The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980. The food index increased 10.4 percent for the 12-months ending June, the largest 12-month increase since the period ending February 1981.”
The Biden administration will have to remind us that it’s not their fault and that they’re doing everything they can to mitigate it. When I say “remind,” I mean reiterate. It’s a line that can only backfire with the sentient among us.