Another month of surging prices has some economists worried about an impending recession.
June’s inflation report shows overall consumer prices rose 9.1 percent higher compared to a year ago. That’s the highest inflation rate increase since December of 1981, another multi-decade record.
Meanwhile, the White House maintains that data is out-of-date, calling it “backward-looking data” while pointing to a recent 40-cent drop in the national average for a gallon of gas.
“June’s CPI data are out of date because June gas prices have already come down substantially this month, and are expected to fall further,” said White House Press secretary Karine Jean-Pierre. “The average retail price was 11 percent higher in June than it was in May, and the cost of gas is down seven percent from the June peak.”
In one year, the price of oil has almost doubled, surging 98.5 percent.