Inflation Soars to 9.1 Percent Under Biden

The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, meaning that inflation once again surpassed record highs, a Wednesday morning report from the U.S. Bureau of Labor Statistics showed.

The most recent year-over-year inflation figure exceeds the Dow Jones estimate of 8.8%.

Inflation refers to the percent change in the price level over a given period of time. The CPI tracks a hypothetical basket of goods and services that represents typical spending for an American household. Rises in the price level that outpace rises in wages imply that Americans are spending a greater portion of their income on goods and services.

Between June 2021 and June 2022, the price of food increased 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.

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