US Inflation Hit 8.6% This Month, Highest In 40 Years

Abdul Ghani

Inflation in the US breaks 40 years record, leaving citizens to re-think their budgets. High prices of gas and diesel are affecting goods transportation badly. Many transportation and trucking companies are demanding to rise in transportation prices. The Biden government is under pressure.

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US Inflation hits a 40-year high.Image by Wikimedia Creative Commons/Public Domain

The US inflation rose unexpectedly in May (8.6%); it is the highest inflation rate since December 1981. The US Department of Labor published a report on Friday, 10 June. According to the DOL report: overall inflation on all items is 8.6%, Food 10.1%, Gasoline (all types) 48.7%, Electricity 12.0%, Utility piped gas service 30.2%, Apparels and clothes 5.0%, Medical care and service 4.0%, and Airline Fares is 37.8% high.

Inflation has also affected the stock market, the S&P 500 and Dow fell 2%, and Nasdaq is 3.5% down. President Joe Biden blames the Russian invasion of Ukraine for high prices, but experts also say that Covid lockdowns cause increased food prices.

Inflation And Energy Costs

The Department of Labor reported higher energy prices than previously experts had expected. According to the report, the energy prices are 34.6% higher than last year. The fastest energy price increase since September 2005.

The fuel oil increased 106.7%, the highest CPI since 1935.

Joe Biden Remarks on Inflation

As Americans are suffering from inflation, citizens are protesting against Biden Administration. Biden's popularity is poorly affected by the current situation. "I'm doing everything in my power to blunt Putin's price hike and bring down the price of gas and food," Biden said on Friday while speaking at the Port of Los Angeles.

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Member Of Freelancers Union (USA), Freelance Writer!, and Digital Creator. Ghani Mengal is an enthusiast Freelance blogger and digital marketer. His content has been published and featured on many popular blogs, websites, and publications. Including TeelFeed, LifeHack.org, Data-Driven Investor, TextSniper, Scientific Publication The Predict, The Startup, The Ascent, Heart Affairs, Illumination, And The List goes on.

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