Record gas prices drove inflation to 8.6% for the 12 months ending in May, higher than the pace in April, according to the latest Consumer Price Index, the government’s basic inflation measure.
The reading for core CPI, which strips out volatile food and energy prices, posted a 6% increase over the same period, higher than the previous month’s level. Both readings are among the biggest jumps in prices experienced by consumers since 1981.
Comment by Caitlin Johnstone–
Biden said in a statement: “Make no mistake about it: I understand inflation is a real challenge to American families. Today’s inflation report confirms what Americans already know: Putin’s Price Hike is hitting America hard. My administration is going to continue to do everything it can to lower prices for the American people.”
Which is of course absurd. Prices were already soaring and inflation was already at a 40-year high before Russia invaded Ukraine on the 24th of February, and there was never anything inscribed upon the fabric of reality which said the US needed to respond to that invasion with an economic war that has made everything worse. The US initiated these unprecedented acts of economic warfare in response to an invasion it could easily have prevented with a little diplomacy, and has managed to do so without even hurting the strength of the ruble at all.
There are many people Americans could blame for their shrinking bank accounts, but Putin isn’t one of them.
And people know this. Nobody who doesn’t work for the US government ever unironically uses the term “Putin’s price hike” except to comment on the Biden administration’s repeated use of that term. I’ve never once seen even the dumbest liberals in my social media notifications use that phrase.
Right now it looks ridiculous to hear even Biden use that term. It sticks out like dog’s balls because of how obviously contrived and out of place it is, like if he’d spontaneously yelled “Cowabunga, dudes!” or something.
But just you wait. If they keep repeating it often enough and frequently enough, sooner or later you’ll start to notice rank-and-file members of the public repeating it themselves.
In NZ the CPI figures are released quarterly, the next announcement will be made in July. Likewise expect an upwards trend. —Eds