President Biden called the worst U.S. inflation reading in almost 41 years “out of date” on Wednesday because it doesn’t reflect the recent decline in gasoline prices, but don’t expect Americans to feel much better. High inflation isn’t going away soon.
The consumer price index shot up 1.3% in June and pushed the rate of inflation to the highest level since November 1981. The cost of living climbed 9.1% in the 12 months from June 2021 to June 2022.
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