According to the Department of Labor, the rate of inflation in the US increased to 9.1 percent in June after previously reaching 40-year highs. Since 1981, this rate has never been higher.

The Consumer Price Index for July from the Bureau of Labor Statistics increased 1.3 percent from the previous month.

The CPI was forecast to increase by 8.8 percent annually, up from 8.6 percent in May, as predicted by economists. They anticipated a rise of 1.1 percent from one month to the next.

Due to rising costs for basic essentials like food, fuel, housing, utilities, and transportation, inflation is particularly difficult for American families. Huge jumps in gasoline prices in June, which several times reached new all-time highs, started to reduce consumer and company expenditure on other goods.

For a more accurate prediction of future inflation than the headline figure, economists look to a subcategory of inflation that excludes food and fuel costs. This increased by 5.9 percent in June from a year prior. It increased by 0.7 percent for the month. Both inflation rates exceeded expectations.

The 13th consecutive month with inflation running above 5% means that this year’s price hikes are on top of last year’s record-breaking increases for decades.

The yearly increase in grocery store prices was 12.2 percent, while the monthly increase was 1 percent. The cost of energy has increased by 7.5 percent since May and 41.6 percent yearly. The price of gasoline increased by 11.2 percent in June compared to May, or 59.9 percent annually.

Given that some major retailers said they were offering discounts to move inventory, there had been some optimism that garment inflation might slow down. Clothing costs increased 0.8 percent in the month and by 5,2 percent from a year earlier.

Consumer prices stayed low throughout President Donald Trump’s term, despite the claims of many economists and anti-Trump media that his tariffs would boost them. Trump’s tariffs proved to not be consumer taxes. Instead, they were absorbed by Chinese exporters and manufacturers as well as by the profit margins of the majority of significant US businesses.

The general opinion of President Biden’s ability has drastically changed. Many Americans saw the administration’s assurance that inflation will subside as evidence that it was unconcerned with the problems brought on by families who had to pay more for food, petrol, and Fourth of July cookouts. Biden is currently the least popular president in 75 years, according to recent surveys.