<p>The Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that <a href="https://www.dailywire.com/topic/inflation">inflation</a> surpassed <a href="https://www.dailywire.com/topic/economy">record highs</a>, a Friday morning report from the <a href="https://www.bls.gov/news.release/cpi.nr0.htm">U.S. Bureau of Labor Statistics</a> revealed.</p>
<p>The new figure surpassed the Dow Jones estimate of 8.3% year-over-year inflation — the same level seen in April 2022, according to <a href="https://www.cnbc.com/2022/06/09/may-consumer-inflation-expected-fiery-hot-as-gas-food-and-rent-rose.html#:~:text=The%20CPI%20report%20is%20released,ET%20Friday.">CNBC</a>.</p>
<p>Inflation refers to the <a href="https://www.dailywire.com/news/inflation-is-making-you-poorer-heres-what-you-can-do-about-it">percent change in the price level</a> over a given period of time. The CPI, for example, tracks a hypothetical basket of goods and services that represents typical spending for an American household. A similar metric — Producer Price Index (PPI) — tracks price levels for businesses.</p>
<p>Though unemployment <a href="https://www.dailywire.com/news/new-jobless-claims-hit-highest-rate-since-january">remains low</a> in the United States, inflation has led to a <a href="https://www.bls.gov/news.release/realer.nr0.htm#:~:text=From%20April%202021%20to%20April%202022%2C%20real%20average%20hourly%20earnings,weekly%20earnings%20over%20this%20period.">drop</a> in real average hourly earnings. Even as wages nominally grew between April 2021 and April 2022, real earnings dropped by 2.6% due to the faster rate of inflation.</p>
<p>In a recent CNBC <a href="https://www.dailywire.com/news/every-single-business-leader-surveyed-in-new-poll-thinks-a-recession-is-coming">survey</a> of chief financial executives, more than 40% believed inflation is the main external risk factor for their business. Meanwhile, 23% point to Federal Reserve policy and 14% point to the war in Ukraine.</p>
<p>Indeed, the Fed <a href="https://www.dailywire.com/news/the-fed-jacks-key-rate-up-half-point-as-inflation-surges">hiked rates</a> by 0.5% last month — the largest rate increase since May 2000 — in an attempt to curb rising price levels. The move followed a 0.25% rate hike from near-zero levels three months ago. As employment numbers remain robust, the central bank likely interprets a strong labor market as a sign that officials should keep their plan to raise rates throughout the year.</p>
<p>President Joe Biden and Treasury Secretary Janet Yellen <a href="https://www.dailywire.com/news/inflation-is-the-key-political-problem-biden-powell-meet-to-discuss-taming-high-prices">met</a> last month with Fed Chair Jerome Powell. “He’s wanting to show that he’s fully supportive of the Fed’s move to hike interest rates to deal with inflation,” Desmond Lachman, a former International Monetary Fund official, told The Daily Wire at the time, noting that Biden also needs “to show that he is serious about inflation” from a political standpoint.</p>
<p>Indeed, polls consistently indicate that voters are worried about rising price levels ahead of the midterm elections.</p>
<p>When asked by a Harvard <a href="https://www.dailywire.com/news/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious">survey</a> about inflation, 95% of respondents said that inflation is “very serious” or “somewhat serious.” A plurality — 47% — said that the Biden administration is responsible. Another <a href="https://www.dailywire.com/news/94-percent-of-americans-concerned-about-inflation-overwhelmingly-trust-republicans-to-handle-it-poll">poll</a> from The Washington Post and ABC News revealed that 94% of Americans were either “upset” or “concerned” about the impact of skyrocketing inflation. Biden’s approval rating was underwater, with 42% of respondents approving of his work and 52% disapproving.</p>
<p>Amid the Russian invasion of Ukraine, gas prices reached $5 per gallon in the United States on Thursday morning. “It’s a very visible product — it’s something that psychologically is quite a big deal, because you fill up your car every week or so,” Lachman added, affirming that the high prices are causing Americans to “pull back” on spending.</p>
<p>On the day of Biden’s inauguration, gas <a href="https://www.dailywire.com/news/the-cost-of-gas-has-more-than-doubled-since-the-day-biden-took-office">cost</a> $2.39 per gallon. Yet as Americans contend with the higher fuel prices, the Biden administration is facing criticism for nixing expansions to the <a href="https://www.dailywire.com/news/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki">Keystone XL Pipeline</a> last year and dragging its feet on issuing <a href="https://www.dailywire.com/news/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays">oil and gas permits</a>. Soaring energy prices raise business’ costs and reduce their profitability — an effect that ripples through the economy and causes prices for all goods to increase.</p>
<p>When asked about his energy policies in light of the rising prices, Biden has noted his decision to <a href="https://www.dailywire.com/news/biden-raid-on-critical-strategic-petroleum-reserve-leaves-lowest-level-in-35-years">release millions of barrels</a> from the Strategic Petroleum Reserve. Meanwhile, Biden has more recently tried to make overtures to leaders of top oil-producing nation Saudi Arabia — with which the United States’ relationship is <a href="https://www.axios.com/2022/06/07/democrat-biden-us-saudi-relationship">currently tense</a>.</p>

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Inflation Reaches 8.6%, Setting New Four-Decade High

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Inflation Reaches 8.6%, Setting New Four-Decade High