The Biden administration admitted on Thursday that there will be “several more months” of major inflation spikes as the overwhelming majority of Americans are worried about rising prices.
“We will have several more months of rapid inflation,” Treasury Secretary Janet Yellen said. “So I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels. But, of course, we have to keep a careful eye on it.”
The consumer price index, which measures costs for a wide range of items, increased 5.4% in June, the fastest pace in nearly 13 years. Excluding food and energy, the gauge rose 4.5%, the fastest acceleration in nearly 30 years. Prices that goods and services producers receive for their products jumped 7.3%, a record for data going back to 2010.
Some Democrats have started admitting to their constituents that Democrat President Joe Biden’s policies may have caused the spike in inflation. “We knew that there was a possibility that this could lead to inflation…. I know it feels—I feel it,” Rep. Kim Schrier (D-WA) said. “We all feel it a little bit, that everything feels a little more expensive. On top of that, gas is more expensive.”
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