Consumer Price Index

Shoppers walk outside an outlet mall in Rehoboth Beach, Del., Saturday, June 4, 2022. President Joe Biden faces a delicate trade-off as he tries to help his fellow Democrats in the upcoming midterm elections. He needs U.S. consumers to pull back just enough so that inflation eases, but not so much that the economy risks plunging into a recession. (AP Photo/Patrick Semansky)

US inflation surges to new 41-year record high, gas prices continue to soar

US inflation has reached a new 41-year record high. On Friday, the Labor Department released the Consumer Price Index (CPI) report for May. According to the data, inflation increased 8.6 percent from a year ago. This is worse than economists expectations of 8.3 percent.

President Joe Biden participates in a change of command ceremony at U.S. Coast Guard headquarters, Wednesday, June 1, 2022, in Washington. Adm. Karl L. Schultz is being relieved by Adm. Linda Fagan as the Commandant of the U.S. Coast Guard. (AP Photo/Evan Vucci)

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Biden reportedly frustrated with his White House staff’s handling of inflation

The Biden administration is keeping its head in the ground as the US economy is on its way to catastrophe. At the White House and on corporate networks Tuesday, several of President Joe Biden’s economic advisors tried to downplay the severity of rampant inflation and chocked supply chain.