U.S. President Joe Biden described the June 2022 U.S. inflation data as “unacceptably high” but outdated given the recent drop in gasoline prices.
“Energy alone accounts for almost half of the month-to-month rise in inflation,” Biden added in a statement. around 40 cents since mid-June (2022).
Biden’s remarks came as a commentary on last month’s US inflation data, when the US Department of Labor announced that the consumer price index rose to 9.1% year-on-year in June last year, the highest level in more than 40 years.
And the result of June 2022 came out in violation of analysts’ expectations, as analysts had expected a figure of 8.8%.
Source: Interfax + AB